Tinubu redirects EFCC-recovered funds, unclaimed dividends to student loan scheme

 

President Bola Tinubu has directed that recovered funds from the Economic and Financial Crimes Commission be diverted to the Nigerian Education Loan Fund to sustain its growing funding obligations.

The Minister of Education, Dr Tunji Alausa, disclosed this on Wednesday while briefing State House correspondents after the Federal Executive Council meeting.

Alausa said the Federal Executive Council also approved a presidential directive that all unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund be channelled to NELFUND, to make the fund financially buoyant enough to meet its expanding obligations to Nigerian students.

He announced, “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.“

The minister said the directive was consistent with a campaign promise President Tinubu made to ensure access to education for Nigerian students.

He noted that the funds will include unencumbered monies which are not under legal contention.

Details later…