Tinubu Directs EFCC Funds to Boost Student Loan Scheme

President Bola Tinubu, GCFR, has instructed that all liquid funds recovered by the Economic and Financial Crimes Commission (EFCC) be directed into the Nigerian Education Loan Fund (NELFund) to enhance student loan financing and ensure the scheme's sustainability. This directive was disclosed by the Minister of Education, Dr Maruf Tunji Alausa, following a Federal Executive Council (FEC) meeting in Abuja.

Alausa emphasized that the directive pertains only to recovered liquid cash, excluding seized physical properties. Additionally, President Tinubu secured FEC approval to allocate unclaimed dividends from the Capital Market Trust Fund and funds from the Dormant Account Trust Fund to NELFund, subject to legal frameworks.

The President has tasked the Ministers of Finance and Education, the Attorney-General of the Federation, the Debt Management Office, and relevant agencies with drafting the modalities for the fund transfer. The Attorney-General will also work with the EFCC Chairman to review existing legal structures governing the trust funds.

Currently, over 1.2 million students benefit from NELFund, which has disbursed over N93 billion in stipends and more than N250 billion in institutional fees.