President Bola Tinubu
The Federal Executive Council (FEC) has approved a directive from President Bola Tinubu to channel specific recovered and unclaimed public funds into the Nigerian Education Loan Fund (NELFUND). The Minister of Education, Dr. Tunji Alausa, announced the decision on Wednesday following an FEC meeting, emphasizing that the initiative is designed to ensure the agency remains financially equipped to support the growing needs of Nigerian students.
Under the newly approved framework, NELFUND will receive financial backing from three primary sources:
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Recovered EFCC Funds: Liquid monetary assets recovered by the Economic and Financial Crimes Commission. The administration clarified that this only includes unencumbered cash, strictly excluding seized physical properties or funds currently tied up in legal disputes.
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Capital Market Trust Fund: Unclaimed dividends held within the capital market.
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Dormant Account Trust Fund: Resources accumulated from inactive bank accounts.
Dr. Alausa noted that this strategic financial reallocation directly fulfills the President's campaign commitment to guarantee broader access to higher education for students across the country.