President Bola Tinubu has ordered the transfer of legally cleared funds recovered by the Economic and Financial Crimes Commission, EFCC, as well as certain unclaimed dividends and dormant account funds, to the Nigeria Education Loan Fund, NELFUND.
The Minister of Education, Dr Maruf Tunji Alausa, disclosed the directive in Abuja, saying it is aimed at strengthening NELFUND’s finances as the student loan programme expands and its obligations increase.
Alausa said the directive applies only to recovered EFCC funds that have been cleared and are free from litigation or other legal restrictions. He added that Tinubu also directed that unclaimed dividends held under capital market trust funds and funds in the dormant account trust fund should be considered as additional sources of financing for NELFUND.
The minister said the Attorney-General of the Federation, together with the Ministers of Finance and Education, has been tasked with developing the legal and operational framework for the transfers. The Attorney-General is also expected to review the laws governing the unclaimed dividend and dormant account trust funds.
Where existing laws do not permit the proposed transfers, Alausa said amendments would be considered to ensure the process complies fully with the law.
The minister described the move as an important step towards making NELFUND financially sustainable and ensuring that resources recovered on behalf of Nigerians can support access to education. He said the additional funding would complement the fund’s existing sources of revenue and help it meet growing student loan obligations.
Alausa also praised the Tinubu administration’s education policies, saying government investments were improving education quality, student services and the welfare of academic and non-academic staff in tertiary institutions. He added that similar interventions were being extended to basic and senior secondary education.
The minister expressed appreciation to President Tinubu for his support for the education sector, saying the government’s broader interventions were creating more opportunities for young Nigerians. He described the current period as a strong one for the sector, saying, “We’ve never had it so good in the education sector.”
