President Bola Tinubu has ordered that all liquid funds recovered by the Economic and Financial Crimes Commission (EFCC) be channelled to the Nigerian Education Loan Fund (NELFUND) to support students.
Minister of Education Tunji Alausa announced the directive on Wednesday after the Federal Executive Council meeting in Abuja. He said the council also approved the transfer of unclaimed dividends held in the Capital Market Trust Fund and the Dormant Account Trust Fund to NELFUND.
The measures are intended to strengthen NELFUND’s financial base as the interest-free student loan scheme continues to assist more than 1.2 million beneficiaries with tuition and upkeep costs.
Tinubu further directed the Ministers of Finance and Education, the Attorney-General of the Federation, and the Debt Management Office to jointly develop the legal framework needed to effect the transfers.
NELFUND is the Federal Government’s student loan programme providing interest-free support to eligible Nigerian students in tertiary institutions.
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