Tinubu Orders EFCC Cash Recoveries, Dormant Funds To Boost NELFUND

President Bola Tinubu has approved a fresh funding arrangement for the Nigerian Education Loan Fund (NELFUND), directing that liquid cash recovered by the Economic and Financial Crimes Commission (EFCC) be transferred to the student loan scheme. ‎ ‎

Minister of Education, Dr Tunji Alausa, announced the development on Wednesday while addressing journalists at the State House following the Federal Executive Council (FEC) meeting. ‎

‎Alausa explained that the presidential directive covers cash recoveries made by the EFCC, stressing that seized properties and other non-liquid assets are not part of the arrangement. ‎ ‎

The minister said the decision was aimed at strengthening NELFUND’s finances as the number of students seeking support under the Federal Government’s higher education loan programme continues to grow. ‎ ‎

FEC also approved the transfer of unclaimed dividends held under the Capital Market Trust Fund and the Dormant Account Trust Fund to NELFUND. ‎

‎According to Alausa, the additional funding would improve the capacity of the education loan fund to meet its financial commitments and extend support to more eligible students across the country. ‎ ‎

NELFUND came into existence in 2024 following President Tinubu’s assent to the Student Loans (Access to Higher Education) Act.

The scheme provides interest-free loans to qualified students in Nigerian tertiary institutions. ‎