Tinubu Directs EFCC Funds to Boost Nigerian Education Loans

President Bola Tinubu has instructed that all legally cleared and unencumbered funds recovered by the Economic and Financial Crimes Commission (EFCC) be redirected to the Nigerian Education Loan Fund (NELFUND) to bolster its financial capacity and improve access to tertiary education. Minister of Education, Dr. Maruf Tunji Alausa, expressed his excitement over this directive, stating it would provide NELFUND with a more sustainable financial base as the student loan scheme expands.

The President also mandated that unclaimed dividends and funds in dormant accounts be considered for transfer to NELFUND, adhering to relevant legal frameworks. Alausa emphasized that only funds free from litigation would qualify for this transfer.

The Attorney-General of the Federation is expected to collaborate with the Ministers of Finance and Education to develop the necessary operational framework. Alausa described this initiative as a significant opportunity for Nigerian students, aiming to redirect recovered resources towards educational development.