President Bola Tinubu has directed that funds recovered by the Economic and Financial Crimes Commission be channelled into the Nigerian Education Loan Fund to strengthen the financing of the Federal Government’s student loan scheme.
The Minister of Education, Dr Tunji Alausa, disclosed this on Wednesday while briefing journalists after the Federal Executive Council meeting in Abuja.
Alausa said the council also approved the transfer of unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund to NELFUND.
He explained that the measures were aimed at boosting the financial capacity of the education loan agency and enabling it to meet its growing obligations to Nigerian students.
“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,” the minister said.
Alausa added that the Federal Executive Council had approved the directive on the unclaimed dividends from the two funds.
According to him, the additional funding would help NELFUND remain financially buoyant as more students access the government-backed loan scheme.
The development is part of the Federal Government’s efforts to sustain and expand the student loan programme, which is designed to provide financial support to Nigerians seeking tertiary education.