Tinubu directs diversion of recovered loots, unclaimed dividends to NELFUND

President Bola Tinubu has directed that all recovered funds by the Economic and Financial Crimes Commission, EFCC, be channelled to the Nigerian Education Loan Trust Fund, NELFUND.

The President said, the development would sustain the funding obligations of NELFUND to millions of Nigerian students.

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This was disclosed by the Minister of Education, Dr. Tunji Alausa on Wednesday while interacting with the State House Correspondents after the Executive Council meeting.

According to Alausa, the Federal Executive Council has approved the proposal, saying: “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.”

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“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.

“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.“

Dr Alausa noted that President Tinubu reiterates his commitment to his campaign promise of Nigerian students having access to education.

Such funds to be uploaded on NELFUND’s account are those without legal encumbrances.

CAPITAL POST reports that NELFUND is an educational agency or government that is saddled with the responsibility of offering loan to students in higher institutions across the country.

Nigerians in higher institutions in overseas and private universities in the country are not captured by the law of the parliament that brought NELFUND into being.

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