Tinubu Orders Recovered EFCC Funds to Support Student Loans
President Bola Tinubu has directed that funds recovered by the Economic and Financial Crimes Commission (EFCC) be channelled to the Nigerian Education Loan Fund (NELFUND) to strengthen its capacity to meet growing student-loan obligations.
The Minister of Education, Dr Tunji Alausa, disclosed this on Wednesday after the Federal Executive Council (FEC) meeting in Abuja.
He said the council also approved a presidential directive for unclaimed dividends from the Capital Market Trust Fund and funds from the Dormant Account Trust Fund to be channelled to NELFUND.
According to the minister, the move is aimed at ensuring that NELFUND has sufficient resources to sustain its expanding funding commitments 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.
“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 said.
