FEC orders EFCC to release recovered loot to NELFUND

The Federal Executive Council (FEC) has instructed the Economic and Financial Crimes Commission (EFCC) to transfer looted funds to the Nigerian Education Loan Fund (NELFUND) to bolster its financial operations. At a meeting in Abuja, Education Minister Dr Tunji Alausa announced that the government will also tap funds from the Unclaimed Dividends Trust Fund and Dormant Accounts Trust Fund for NELFUND, subject to compliance with applicable laws.

The move, aimed at strengthening education and supporting Nigerian students, is contingent on legal recovery of the funds and approval of a transfer framework by relevant agencies. The President has directed the Attorney-General and other officials to work collaboratively with the EFCC to identify eligible funds. The government aims to expand NELFUND's financing capabilities, currently supporting over 1.2 million students in federal and state institutions, through the additional funding.

Meanwhile, the FEC approved N118.31 billion to complete the National Library of Nigeria headquarters complex in Abuja, and N37 billion for its furnishing. Work on the project, halted in 2008, is expected to resume soon with contributions from the Tertiary Education Trust Fund and President Tinubu's directive. Additionally, the FEC authorized the establishment of the Nigerian Academy for the Gifted and Talented, a transformation of the Suleja Academy.