Tinubu Allocates N242bn for Student Loans from Unclaimed Dividends

President Bola Tinubu has approved the diversion of approximately N242 billion in unclaimed dividends and funds recovered from financial crimes to support the Nigeria Education Loan Fund (NELFund). This announcement was made by the Minister of Education, Tunji Alausa, on Wednesday following a Federal Executive Council (FEC) meeting at the Presidential Villa in Abuja.

Alausa stated that President Tinubu directed the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, to collaborate with the Ministry of Education to eliminate any legal and administrative obstacles that could impede the implementation of this policy. This initiative is part of broader efforts to enhance funding for the student loan scheme and ensure sustainable access to financing for higher education.

According to the Securities and Exchange Commission (SEC), Nigeria's unclaimed dividends have increased from about N158.4 billion in 2019 to N242 billion, attributed to outdated shareholder records and other management issues. Alausa clarified that the EFCC recoveries referenced pertain solely to cash and do not include recovered physical assets.