Tinubu directs cleared EFCC funds to NELFUND to strengthen student loans and expand access to tertiary education.

President Bola Tinubu has directed the Economic and Financial Crimes Commission (EFCC) to transfer all cleared and unencumbered funds to the Nigerian Education Loan Fund (NELFUND) to strengthen its long-term financial sustainability and expand access to tertiary education for Nigerian students.

He also directed that funds from unclaimed dividends and dormant accounts be considered for transfer to NELFUND, subject to the laws governing each fund.
The Minister of Education, Dr. Tunji Alausa, disclosed this in a statement in Abuja, describing the directives as a significant step towards securing the long-term sustainability of NELFUND as the student loan programme continues to expand.
According to him, the directive will ensure that resources recovered on behalf of Nigerians are put to productive use, particularly in creating greater opportunities for the youths.
Dr. Alausa stressed that only funds that have been legally cleared and are free from litigation or other encumbrances would be considered for transfer. He noted that the process would be guided by relevant legal provisions, with the Attorney-General of the Federation, the Ministers of Finance and Education, and other relevant institutions establishing the modalities for implementation.
The Minister said the new funding arrangement would complement existing sources of financing for NELFUND and provide a stronger foundation for meeting its growing obligations.