Tinubu Directs EFCC to Transfer Recovered Funds to Student Loan Scheme

President Bola Tinubu has instructed the Economic and Financial Crimes Commission (EFCC) to transfer all liquid funds recovered by the agency directly to the Nigerian Education Loan Fund (NELFund). This move aims to bolster student loan financing and ensure the scheme's long-term sustainability. The Minister of Education, Dr Maruf Tunji Alausa, announced this decision following a Federal Executive Council (FEC) meeting in Abuja.

The directive pertains solely to liquid cash recovered by the EFCC, excluding seized physical properties. Furthermore, the President secured FEC approval to allocate unclaimed dividends from the Capital Market Trust Fund and funds from the Dormant Account Trust Fund to NELFund, provided the necessary legal frameworks are adhered to.

The implementation of this directive requires the collaboration of the Ministers of Finance, Education, Attorney-General of the Federation, Debt Management Office, and pertinent agencies. Together, they will draft the specifics for the fund transfer process. The Attorney-General will also work in tandem with the EFCC Chairman to assess the current legal frameworks governing the trust funds.

This funding injection coincides with NELFund's rapidly increasing financial demands. As of now, over 1.2 million students are benefiting from the scheme, with the agency disbursing more than N93 billion in student stipends and over N250 billion in institutional fees to public tertiary institutions across the country. Concurrently, the FEC authorized the transformation of the Suleja Academy into an autonomous institution, the Nigerian Academy for Gifted and Talented Children.

The new Academy will operate under its own governing board, funded through Federal appropriations, endowments, and private donations. To provide the gifted children's Academy with adequate legal support, the Council tasked the Attorney-General with drafting an Executive Bill for submission to the National Assembly.