BREAKING: Tinubu orders diversion of EFCC-recovered funds to student loan scheme

President Bola Tinubu has ordered that funds recovered by the Economic and Financial Crimes Commission, EFCC, be diverted to the Nigerian Education Loan Fund, NELFUND, to sustain its growing funding obligations.

The Minister of Education, Dr Tunji Alausa, disclosed this on Wednesday after the Federal Executive Council, FEC, meeting in Abuja.

According to him, said the Federal Executive Council also approved a presidential directive that all unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund be channelled to NELFUND, to make the fund financially buoyant enough to meet its expanding obligations to Nigerian students.

“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.

“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,” the minister said.