President Bola Tinubu has directed that recovered assets from the Economic and Financial Crimes Commission be transferred to the student loans scheme known as Nigerian Education Loan Fund(NELFUND) to help meet its expanding financial commitments.
Minister of Education Dr. Tunji Alausa disclosed this to State House correspondents on Wednesday following the Federal Executive Council meeting.
Alausa explained that to ensure NELFUND remains financially sustainable and capable of supporting Nigerian students, the council also approved a directive channeling unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund into the student loan fund.
He 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.“
According to the minister, this directive aligns with President Bola Tinubu’s campaign commitment to guarantee that young Nigerians have unimpeded access to higher education.
He noted that the allocated capital will consist strictly of unencumbered, fully forfeited assets that are entirely free of ongoing court litigation.
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