President Bola Tinubu has reiterated that all funds recovered by the Economic and Financial Crimes Commission (EFCC) will be channelled into the Nigerian Education Loan Fund (NELFUND) to expand access to higher education.

Tinubu made the announcement on Friday at the launch of Arise Palm Resort in Uyo, Akwa Ibom State, saying the decision was aimed at easing the burden of tuition fees on parents and ensuring equal educational opportunities for Nigerians.

He said the initiative was part of his administration’s efforts to make education more accessible and tackle poverty.

“I feel your pain and share in the difficulty, and that’s why I decided to take away the responsibility of tuition fees from parents and equal opportunities for everyone who wants to read, taking education as the greatest weapon against poverty,” he said.

He added: “And creating opportunities for those who are still coming behind. From today on, as we are fighting corruption, any money recovered by EFCC will be dumped into that education programme. It will be. No one can reverse it.”

The President had, on August 19, directed the EFCC to channel all recovered funds into NELFUND.

Minister of Education, Tunji Alausa, announced the directive after a Federal Executive Council (FEC) meeting, adding that the council had also approved the transfer of unclaimed dividends in the Capital Market Trust Fund and funds in the Dormant Account Trust Fund to the student loan scheme.

Speaking at a press briefing in Abuja on August 31, EFCC Chairman Ola Olukoyede disclosed that the Federal Government had allocated N100 billion from funds recovered by the commission to NELFUND since 2024.

Olukoyede said using recovered criminal proceeds to finance education and household credit would extend the impact of anti-corruption efforts beyond punishment to national development.