Tinubu Allocates EFCC Loot to Nigerian Education Fund

On an unspecified date in 2026, President Bola Tinubu instructed that all legally cleared looted funds recovered by the Economic and Financial Crimes Commission (EFCC) should be redirected to the Nigerian Education Loan Fund (NELFUND) to bolster financing for tertiary education in Nigeria. Education Minister Dr Tunji Alausa announced this directive following the fourth meeting of the Federal Executive Council (FEC) in Abuja.

The President also mandated that funds from the Unclaimed Dividends Trust Fund and Dormant Accounts Trust Fund be mobilized for NELFUND, ensuring compliance with relevant laws. Alausa clarified that only liquid funds that are legally recovered and free from litigation would be transferred.

The Attorney General of the Federation and Minister of Justice, along with other relevant agencies, will establish the legal framework for this transfer. The initiative aims to support over 1.2 million Nigerian students currently benefiting from NELFUND, which has disbursed over N93 billion as upkeep allowances and more than N250 billion as institutional fees to public tertiary institutions.