President Bola Tinubu has directed that liquid funds recovered by the Economic and Financial Crimes Commission (EFCC) be transferred to the Nigerian Education Loan Fund (NELFUND) to strengthen its capacity to meet the growing financial obligations of Nigerian students.

The Minister of Education, Dr Tunji Alausa, disclosed this on Wednesday while briefing State House correspondents after the Federal Executive Council (FEC) meeting.

According to Alausa, the council also approved a presidential directive for unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund to be channelled to NELFUND.

He said the measures were aimed at ensuring that the education loan scheme remained financially sustainable as more Nigerian students access funding through NELFUND.

“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, however, clarified that the directive did not cover seized properties or recovered assets that were still subject to legal proceedings.

He explained that only liquid, unencumbered funds recovered by the EFCC would be transferred to NELFUND.

“Note, and the President was very clear, not seized properties, or recovered looted funds, but liquid funds, from the EFCC will now be transferred to NELFUND,” he said.

The minister said the directive was in line with President Tinubu’s commitment to expanding access to tertiary education and ensuring that financial constraints do not prevent qualified Nigerian students from pursuing their studies.

He added that the additional funding sources would help NELFUND remain financially buoyant enough to meet its expanding obligations under the student loan programme.