The Federal Executive Council has authorized the transfer of money seized and recovered by the Economic and Financial Crimes Commission to support Nigeria’s education sector by way of the Nigerian Education Loan Fund.
Speaking after the Federal Executive Council meeting on Wednesday, Education Minister Dr. Tunji Alausa explained that the recovered money will be routed to NELFUND to build up its capacity to satisfy expanding financial commitments.
Alausa noted that the Council directed the Attorney-General of the Federation to collaborate with the Ministry of Education to establish the necessary legal framework and implementation procedures.
Praising President Bola Tinubu for his benevolence and commitment to education, Alausa emphasized that funds tied up in ongoing litigation will remain untouched until all court matters are completely resolved.
“The President, in his benevolence, has now directed that all funds recovered by the Economic and Financial Crimes Commission be diverted to NELFUND,” the minister stated.
Additionally, Alausa revealed that the Federal Executive Council cleared extra revenue streams to support the student loan program.
“This was also approved by FEC: that all unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund should also be channelled to NELFUND, so that NELFUND will be financially buoyant to meet its growing obligations,” Alausa explained.
