President Bola Tinubu has ordered the transfer of liquid funds recovered by the Economic and Financial Crimes Commission to the Nigerian Education Loan Fund to strengthen its capacity to meet its increasing financial commitments to students.
The Minister of Education, Dr Tunji Alausa, disclosed this on Wednesday while speaking with State House correspondents after the Federal Executive Council meeting.
Alausa said FEC had also approved the transfer of unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund to NELFUND.
According to him, the measures are intended to provide NELFUND with sufficient resources to sustain its expanding obligations to Nigerian students.
He announced, “The president, in his benevolence, has now directed that all funds recovered by the Economic and Financial Crimes Commission be diverted to NELFUND to continue to support its funding.
READ ALSO:Â Tinubu Appoints Abel Enitan As New Head Of Civil Service
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 directed to NELFUND, so that NELFUND will be financially buoyant to meet its growing obligations today.
Note, and the President was very clear, not ceased properties, or recovered looted funds, but liquid funds, from the EFCC will now be transferred to NELFund.“
The minister said the decision reflected a commitment made by Tinubu during his campaign to expand access to education for Nigerian students.
He explained that the funds covered by the directive would include unencumbered monies that are not subject to ongoing legal disputes.
Details later…