The Nigerian Education Loan Fund (NELFund) is to receive recovered cash and other liquid funds recovered by the Economic and Financial Crimes Commission (EFCC), as well as unclaimed dividends from designated trust funds, following approvals secured by President Bola Tinubu to strengthen the financing of the student loan scheme.
The Minister of Education, Dr. Maruf Tunji Alausa, disclosed this on Wednesday while briefing State House correspondents after the Federal Executive Council (FEC) meeting in Abuja.
According to the Minister, President Tinubu directed that money recovered by the EFCC be transferred to NELFund to provide stronger financial support for the student loan programme.
He said the President had also secured FEC approval for unclaimed dividends in the Capital Market Trust Fund and the Dormant Account Trust Fund to be transferred to NELFund, subject to the necessary legal procedures.
Dr. Alausa explained that the directive covers recovered cash and other liquid funds but excludes properties seized by the EFCC.
He added that the Minister of Finance, the Attorney-General of the Federation, the Ministry of Education, the Debt Management Office and other relevant agencies had been directed to work out the modalities for transferring the funds.
The Minister said the Attorney-General would work with the EFCC Chairman to review the laws governing the relevant trust funds and determine how the recovered funds could legally be transferred to NELFund.
Dr. Alausa disclosed that more than 1.2 million Nigerian students are currently benefiting from the NELFund scheme, while over ₦93 billion has been paid as stipends to students in public tertiary institutions.
He further stated that NELFund had disbursed more than ₦250 billion in institutional fees to public tertiary institutions owned by both the Federal and State Governments.
The Minister said the student loan scheme was part of the Federal Government's efforts to expand access to higher education and provide financial support to students.