President Bola Tinubu has ordered that all looted funds recovered by the Economic and Financial Crimes Commission (EFCC) be channelled to the Nigerian Education Loan Fund (NELFUND).
This was made known on Wednesday by the Minister of Education, Tunji Alausa during a press briefing at the State House shortly after the Federal Executive Council (FEC) meeting, which was presided over by President Bola Tinubu.
Alausa said, “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.“
NELFUND was established by President Tinubu in 2024 to provide interest-free loans to students attending tertiary institutions.
He added, “Today, we have over 1.2 million Nigerian students benefiting from NELFUND, and NELFUND has disbursed over N93bn as stipends to students all across public institutions in the country, both federal and state.
“NELFUND has also disbursed over N250bn as institutional fees to all public institutions across the country, both federal and state.
“This has been a phenomenal blessing to Nigeria and to every Nigerian child. We thank the President for that.”