President Bola Tinubu has directed that eligible funds recovered by the Economic and Financial Crimes Commission (EFCC), along with unclaimed dividends held under designated trust funds, be channelled to the Nigerian Education Loan Fund (NELFUND).
The Minister of Education, Dr Tunji Alausa, disclosed this on Wednesday while briefing State House correspondents after the Federal Executive Council (FEC) meeting.
Alausa said the directive covers only liquid EFCC-recovered funds that are not tied to ongoing legal disputes. Seized properties and assets still subject to court proceedings are excluded.
The FEC also approved the transfer of unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund to NELFUND.
According to the minister, the move is aimed at strengthening NELFUND’s financial capacity as the number of students accessing the Federal Government’s loan scheme continues to rise.
NELFUND has so far disbursed N322.69 billion to students and tertiary institutions since its loan application portal opened in May 2024. Of the amount, N192.89 billion went to 319 beneficiary institutions for institutional fees, while N129.80 billion was paid directly to students as upkeep allowances.
The fund has also processed 1,659,853 student loan applications, highlighting the growing financial demands on the scheme.
Nigeria’s unclaimed dividends have previously been estimated at about N270 billion, although the amount ultimately available for transfer to NELFUND will depend on the applicable legal framework.
The government said the initiative is intended to ensure that NELFUND remains financially capable of meeting its growing obligations and supporting more Nigerians seeking access to higher education.
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