President Bola Tinubu has directed that all legally cleared and unencumbered funds recovered by the Economic and Financial Crimes Commission (EFCC) be channelled to the Nigerian Education Loan Fund (NELFUND).
This is contained in a statement issued on Monday in Abuja by Mr Ikharo Attah, Special Adviser to the Minister of Education on Media and Communications.
Attah quoted the Minister of Education, Dr Tunji Alausa, to have said that the directive was aimed at strengthening NELFUND’s financial sustainability and expanding access to tertiary education for Nigerian students.
Alausa said President Tinubu had also directed that funds from unclaimed dividends and dormant accounts be considered for transfer to NELFUND, subject to relevant laws governing the funds.
He said only funds that had been legally cleared and were free from litigation or other encumbrances would be considered for transfer.
“As you heard me at the last press briefing following the last Federal Executive Council meeting, Mr President mentioned that we need to make NELFUND financially buoyant and sustainable into the future.
“During that council meeting, Mr President directed that all seized funds, unencumbered funds free of litigation, by the Economic and Financial Crimes Commission should be diverted to NELFUND to support the growing obligations of the Fund,” Alausa said.
The minister said the Attorney-General of the Federation, in collaboration with the Ministers of Finance and Education and other relevant institutions, would work out the modalities for implementing the directive.
He said the Attorney-General would also review the laws establishing the Unclaimed Dividend Trust Fund and Dormant Account Trust Fund to ensure that any transfer of funds to NELFUND complied with the law.
“During that meeting as well, Mr President directed the Minister of Finance, myself and the Attorney-General of the Federation to work on the modalities to operationalising this.
“More importantly, the Attorney-General will review the Act setting up the unclaimed dividend trust fund as well as the dormant account trust fund to see how we can be legally compliant in moving those funds,” he said.
Alausa described the directive as a major opportunity for Nigerian students, saying the administration remained committed to expanding access to quality education.
“This is a time that is great for Nigerian students. You have a president that believes fervently and benevolently in education and continues to push day and night to ensure that every single Nigerian youth gets the best opportunity to be useful to themselves, useful to their community, the country and the global world at large.”
The minister said the new funding arrangement would complement NELFUND’s existing sources of financing, including the 15 per cent allocation from the Tertiary Education Trust Fund development levy.
He said the arrangement would position the Fund to meet its growing financial obligations sustainably.
Alausa also disclosed that more than 1.2 million students in tertiary institutions were currently benefiting from NELFUND.
He added that, as of August 8, NELFUND had disbursed more than N322 billion in institutional fees and upkeep allowances to beneficiaries across the country.
The minister said the Federal Government’s investment in education was also being extended to basic and senior secondary education as part of efforts to strengthen the entire education system.
“We’ve never had it so good in the education sector,” he said.
He said the new funding direction would enable resources recovered on behalf of Nigerians to be transformed into educational opportunities for young people.
He said sustained investment in education remained critical to developing the skilled workforce needed to drive national development and achieve Nigeria’s long-term economic ambitions.
The minister reaffirmed the commitment of the Federal Ministry of Education to working with NELFUND and relevant government institutions to ensure effective implementation of the new funding arrangements in line with the law.
He also reiterated the ministry’s commitment to expanding access to quality education and ensuring that financial constraints did not prevent qualified Nigerian students from pursuing tertiary education.
