FEC directs EFCC to release Looted funds to Education sector
The Federal Executive Council (FEC) has approved that monies seized by the Economic and Financial Crimes Commission (EFCC) be released to the Education sector. The Minister of Education, Dr Tunji Alausa, who stated this after the Federal Executive Council meeting on Wednesday, said the monies will be channelled through the Nigerian Education Loan Fund (NELFUND). […]
The Federal Executive Council (FEC) has authorized the release of seized funds held by the Economic and Financial Crimes Commission (EFCC) to the Education sector. Dr. Tunji Alausa, the Minister of Education, announced this decision following a meeting of the Federal Executive Council on Wednesday. According to Dr. Alausa, the monies will be directed through the Nigerian Education Loan Fund (NELFUND).
In addition to the funds seized by EFCC, the FEC has also instructed the Attorney-General of the Federation to work with the Education ministry to establish the necessary legal framework for the distribution of monies currently under litigation. Dr. Alausa commended President Tinubu for his "magnanimity and dedication" to the education sector.
He emphasized that unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund will also be directed to NELFUND, with the aim of making the fund financially stable to meet its increasing obligations.
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