BREAKING: Tinubu redirects EFCC-recovered funds, unclaimed dividends to student loan scheme

BREAKING: Tinubu Redirects EFCC-Recovered Funds, Unclaimed Dividends to Student Loan Scheme

President Bola Tinubu has directed that liquid funds recovered by the Economic and Financial Crimes Commission be transferred to the Nigerian Education Loan Fund to support its growing financial obligations.

President Bola Tinubu

The Minister of Education, Dr Tunji Alausa, disclosed this on Wednesday while briefing State House correspondents after the Federal Executive Council meeting.

Alausa said the council also approved a presidential directive for all unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund to be channelled to NELFUND.

He said the move was intended to strengthen the fund’s finances and enable it to meet its expanding obligations to Nigerian students.

“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,” the minister said.

“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.”

Alausa clarified that the directive applied only to liquid funds and did not include seized properties or recovered funds currently subject to legal disputes.

“Note, and the President was very clear, not seized properties or recovered looted funds, but liquid funds from the EFCC will now be transferred to NELFUND,” he said.

The minister said the directive was consistent with President Tinubu’s campaign promise to expand access to education for Nigerian students.

He added that the funds would include unencumbered monies that are not under legal contention.