The Minister of Education, Dr Maruf Tunji Alausa, has described the directive by President Bola Tinubu that all cleared, unencumbered funds recovered by the Economic and Financial Crimes Commission (EFCC) and unclaimed dividends be transferred to the Nigeria Education Loan Fund (NELFUND).
Speaking in Abuja, Dr. Alausa described the directive as a significant step towards securing the long-term sustainability of NELFUND as the student loan programme continues to expand, saying it would ensure that resources recovered on behalf of Nigerians are put to productive use, particularly in creating greater opportunities for young people.
“As you heard me at the last press briefing following the last Federal Executive Council meeting, Mr President mentioned that we need to make NELFUND financially buoyant and sustainable into the future.
“During that Council meeting, Mr President directed that all seized funds, unencumbered funds free of litigation, by the Economic and Financial Crimes Commission should be diverted to NELFUND to support the growing obligations of the Fund,” the Minister said.
He stressed that only funds that have been legally cleared and are free from litigation or other encumbrances will be considered for transfer.
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“Together with the directives by Mr. President on the seized EFCC funds, which will now be directed to fund NELFUND, Mr. President also directed that all unclaimed dividends from the capital market trust funds, as well as funds in the dormant account trust fund, should also be moved to support the financial sustainability of NELFUND,” he said.
Dr Alausa explained that the process would be guided by the relevant legal provisions, with the Attorney-General of the Federation working with the Ministers of Finance and Education and other relevant institutions to establish the modalities for implementation.
“During that meeting as well, Mr President directed the Minister of Finance, myself and the Attorney-General of the Federation to work on the modalities to operationalise this.
“More importantly, the Attorney-General will review the Act setting up the unclaimed dividend trust fund as well as the dormant account trust fund to see how we can be legally compliant in moving those funds,” Dr Alausa said.
He noted that any necessary amendments to the relevant laws would be considered to ensure full legal compliance.
“If changes would have to be made to the Act, whatever, the Attorney-General is looking into that,” he said.
The minister said the development represents an important opportunity for Nigerian students, particularly as the administration continues to expand access to education and create pathways for young Nigerians to contribute meaningfully to national development.
Dr. Alausa expressed appreciation to President Tinubu for the political support and funding being provided to advance the administration’s education agenda.
He said the administration’s investments were already yielding improvements across the education sector, including in the quality of education, services delivered to students and the welfare of academic and non-academic staff in tertiary institutions.
Alausa stated that the government was extending these interventions to basic and senior secondary education as part of its broader effort to strengthen the education system.
“We’ve never had it so good in the education sector,” Dr. Alausa said, while thanking the President for his continued support and determination to reposition Nigeria’s education system.
The Minister added that the new funding arrangement would complement existing sources of financing for NELFUND and provide a stronger foundation for meeting its growing obligations.
