President Bola Tinubu has directed that liquid funds recovered by the Economic and Financial Crimes Commission be channelled to the Nigerian Education Loan Fund to help sustain its growing funding obligations.
The Minister of Education, Tunji Alausa, disclosed this while briefing State House correspondents after the Federal Executive Council meeting.
He said the council had also approved a presidential directive for all unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund to be channelled to NELFUND.
According to the minister, the move is aimed at making NELFUND financially buoyant enough to meet its expanding obligations to Nigerian students. He said the directive is in line with President Tinubu’s campaign promise to improve access to education for Nigerian students.
Alausa clarified that only liquid funds recovered by the EFCC would be transferred to NELFUND, excluding seized properties and funds that are subject to legal disputes.
He added that the funds would include unencumbered monies that are not under any legal contention.
