President Bola Tinubu has opened a new funding pathway for the Nigerian Education Loan Fund, NELFUND directing that all cleared and unencumbered funds recovered by the Economic and Financial Crimes Commission, EFCC, be channelled to the Fund to strengthen its long-term financial sustainability and expand access to tertiary education for Nigerian students.
The President has also directed that funds from unclaimed dividends and dormant accounts be considered for transfer to NELFUND, subject to the laws governing the respective funds.
Confirming this in a statement signed by the Education Minister’s media aide, Ikharo Attah, the Minister of Education, Tunji Alausa, described the directives as a significant step towards securing the long-term sustainability of NELFUND as the student loan programme continues to expand.
Alausa said the directive would ensure that resources recovered on behalf of Nigerians are put to productive use, particularly in creating greater opportunities for young people.
He stressed that only funds that have been legally cleared and are free from litigation or other encumbrances will be considered for transfer.
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.
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(Editor: Anoyoyo Ogiagboviogie)
