President Bola Tinubu has ordered the transfer of liquid funds recovered by the Economic and Financial Crimes Commission (EFCC) to the Nigerian Education Loan Fund (NELFUND), as the Federal Government moves to strengthen funding for student loans.
The Minister of Education, Dr Tunji Alausa, disclosed this on Wednesday while briefing State House correspondents after the Federal Executive Council (FEC) meeting at the Presidential Villa, Abuja.
Alausa said the directive covers only cash recovered by the EFCC and excludes seized properties and funds still subject to legal disputes.
He also disclosed that FEC approved plans to channel unclaimed dividends held by the Capital Market Trust Fund and Dormant Account Trust Fund to NELFUND. The unclaimed dividends are estimated at N242 billion.
The minister said the measures were aimed at ensuring that NELFUND remains financially capable of meeting its growing obligations as the number of beneficiaries increases.
According to him, more than 1.2 million Nigerian students are currently benefiting from the education loan scheme.
He added that NELFUND had so far disbursed more than N93 billion in student stipends and over N250 billion in institutional fees to public tertiary institutions across the country.
“This has been a phenomenal blessing to Nigeria and to every Nigerian child,” Alausa said.
He explained that the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, would work with the Ministries of Finance and Education, alongside the Debt Management Office, to determine how the unclaimed dividend funds could legally be transferred to NELFUND.
Alausa stressed that funds involved in active court cases would not be transferred.
“Every single fund that is still subject to a legal challenge will not be part of the money that will be transferred to NELFUND,” he said, adding that only cleared and unencumbered funds legally belonging to Nigerians would qualify.
FEC Approves Entrepreneurship Programme for 14 Universities
Meanwhile, FEC approved an entrepreneurship and innovation programme for 14 federal universities to equip students with business, technology and enterprise skills through training, mentorship and incubation.
The beneficiary institutions include Ahmadu Bello University, Bayero University Kano, Nnamdi Azikiwe University, Obafemi Awolowo University, University of Abuja, University of Benin, University of Ibadan, University of Ilorin, University of Jos, University of Lagos, University of Maiduguri, University of Nigeria, Nsukka, University of Port Harcourt and Usmanu Danfodiyo University.
The council also approved about N155 billion in additional funding for the completion and furnishing of the National Library of Nigeria headquarters in Abuja, a project that commenced in 2006.
In another decision, FEC approved the transformation of the Suleja Academy into an autonomous Academy for Gifted and Talented Children, with its own governing board and funding structure.
