President Bola Tinubu, GCFR, has directed that all liquid funds recovered by the Economic and Financial Crimes Commission (EFCC), be channelled directly into the Nigerian Education Loan Fund (NELFund) to boost student loan financing and guarantee the scheme’s long-term sustainability.
The Minister of Education, Dr Maruf Tunji Alausa, disclosed this while briefing State House correspondents after the Federal Executive Council (FEC) meeting in Abuja. Alausa clarified that the directive applies strictly to recovered liquid cash, and not seized physical properties.
In addition to the EFCC recoveries, President Tinubu secured FEC approval to channel unclaimed dividends from the Capital Market Trust Fund and funds from the Dormant Account Trust Fund to NELFund, subject to necessary legal frameworks.
To execute the directive, the President tasked the Ministers of Finance and Education, alongside the Attorney-General of the Federation, the Debt Management Office, and relevant agencies, with drafting the modalities for the fund transfer. The Attorney-General will also collaborate with the EFCC Chairman, to review existing legal structures governing the trust funds.
The funding boost comes as NELFund’s financial obligations expand rapidly. The Minister revealed that over 1.2 million students are benefiting from the scheme, with the agency disbursing over N93 billion in student stipends and more than N250 billion in institutional fees to public tertiary institutions nationwide.
In a related decision, the FEC approved the transformation of the Suleja Academy into an autonomous institution named the Nigerian Academy for Gifted and Talented Children. The revamped Academy will feature its own governing board and draw funding from Federal appropriations, endowments, and private donations.
To give the new gifted children’s Academy proper legal backing, the Council directed the Attorney-General to prepare an Executive Bill for onward transmission to the National Assembly.