Deji Elumoye in Abuja
President Bola Tinubu on Wednesday directed that all funds recovered by the Economic and Financial Crimes Commission (EFCC) be channelled into the Nigerian Education Loan Fund (NELFUND) to support the tertiary education of Nigerian students.
Education Minister, Dr Tunji Alausa, who disclosed this to newsmen at the end of the fourth meeting of the Federal Executive Council (FEC) in 2026 at the State House, Abuja, said the council also approved the directive by the president for the transfer of unclaimed dividends from the capital market trust fund and dormant account trust fund to NELFUND.
According to the minister, the measures are aimed at strengthening NELFUND’s financial capacity, with more than 1.2 million students currently benefiting from the scheme.
Tinubu further directed the Ministers of Finance, Education, the Attorney General of the Federation (AGF) and the Debt Management Office (DMO) to work together to establish the legal framework for the transfer of the funds and unclaimed dividends to NELFUND.
Details later…