President Bola Tinubu has directed that all funds recovered by the Economic and Financial Crimes Commission, EFCC, be channelled to the Nigerian Education Loan Fund, NELFUND, to sustain its growing obligations to students.
The Minister of Education, Dr. Tunji Alausa, disclosed this on Wednesday while briefing State House correspondents after the Federal Executive Council, FEC, meeting in Abuja.
According to the minister, FEC also approved a presidential directive that all unclaimed dividends from the Capital Market Trust Fund and funds in the Dormant Account Trust Fund be transferred to NELFUND.
“The President, in his benevolence, has now directed that all funds recovered by the Economic and Financial Crimes Commission be diverted to NELFUND to continue to support its funding,” Alausa said.
He added that the decision was to ensure NELFUND remains financially buoyant to meet its expanding obligations.
“This was also approved by FEC – that all unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund should also be directed to NELFUND, so that NELFUND will be financially buoyant to meet its growing obligations today,” the minister stated.
The new funding streams are expected to strengthen the loan scheme and enable more Nigerian students to access financial support for their education.
