Tinubu Approves Transfer Of EFCC-Recovered Funds To Student Loan Scheme

President Bola Tinubu has ordered the transfer of eligible cash recovered by the Economic and Financial Crimes Commission (EFCC) to the Nigerian Education Loan Fund (NELFUND) to help the agency meet its growing financial obligations to Nigerian students.

Naija News reports that the Minister of Education, Dr Tunji Alausa, disclosed this on Wednesday while speaking with State House correspondents after the Federal Executive Council meeting in Abuja.

Alausa said the Federal Executive Council also approved the use of unclaimed dividends held under the Capital Market Trust Fund and the Dormant Account Trust Fund to support NELFUND.

According to the minister, the move is aimed at giving the student loan agency enough funds to continue providing financial support to students as demand for the programme increases.

He explained that the presidential directive covers liquid funds recovered by the EFCC, rather than properties seized by the anti-graft agency.

He also clarified that only recovered money that is free from legal disputes would be transferred to the education loan fund.

“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.

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