The Federal Executive Council (FEC) has approved the release of funds recovered by the Economic and Financial Crimes Commission (EFCC) for investment in Nigeria’s education sector.
The Minister of Education, Dr Tunji Alausa, disclosed this on Wednesday after the FEC meeting, saying the recovered funds would be channelled through the Nigerian Education Loan Fund (NELFUND) to strengthen the financing of education and support students.
According to the minister, the Federal Executive Council also directed the Attorney-General of the Federation to work with the Ministry of Education on the necessary legal framework and modalities for implementing the decision.
Alausa said the move was part of efforts by the Federal Government to provide NELFUND with additional resources as demand for student financing continues to grow.
“The president, in his benevolence, has now directed that all funds recovered by the Economic and Financial Crimes Commission be diverted to NELFUND.”
The minister, however, clarified that recovered funds currently under litigation would not be released until the relevant legal issues have been resolved.
Dormant funds, unclaimed dividends also targeted
Beyond EFCC recoveries, FEC also approved the channelling of unclaimed dividends from the Capital Market Trust Fund and funds from the Dormant Account Trust Fund to NELFUND.
Alausa said the additional funding would help strengthen the financial capacity of NELFUND and enable it to meet its growing obligations to Nigerian students.
The development comes as the student loan scheme continues to expand, with the government seeking sustainable funding mechanisms to reduce financial barriers to tertiary education.
The minister commended President Bola Tinubu for what he described as his commitment to improving access to education, saying the latest decision could provide NELFUND with stronger financial backing to support more students.
The move effectively links recovered public funds to education financing, potentially turning proceeds from anti-corruption efforts into direct support for Nigerian students.
