President Bola Ahmed Tinubu has directed that all liquid funds recovered by the Economic and Financial Crimes Commission (EFCC) be transferred to the Nigerian Education Loan Fund (NELFUND) to strengthen the student loan scheme.

The Minister of Education, Tunji Alausa, disclosed this on Wednesday during a press briefing at the State House following the Federal Executive Council (FEC) meeting.

According to Alausa, the FEC also approved the transfer of unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund to NELFUND.

He said the move was aimed at ensuring that the education loan fund remains financially strong enough to meet its growing obligations and expand access to tertiary education.

“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,” Alausa said.

He clarified that the directive applies specifically to liquid funds recovered by the EFCC, rather than seized properties or other non-cash assets.

“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.

NELFUND was established in 2024 after President Tinubu signed the Student Loans (Access to Higher Education) Act into law, providing interest-free loans to eligible students in tertiary institutions.

As of August 8, NELFUND said it had disbursed more than N322 billion in institutional fees and upkeep allowances to over 1.6 million students across the country.