RismadarVoice Reporters, August 19, 2026
President Bola Tinubu has directed the Economic and Financial Crimes Commission to channel recovered funds, unclaimed dividends and other eligible trust funds to the Nigerian Education Loan Fund to support students’ access to higher education.
The Minister of Education, Dr Tunji Alausa, disclosed this while briefing State House correspondents after the Federal Executive Council meeting presided over by Tinubu at the Presidential Villa, Abuja.
Alausa said the directive, which was endorsed by the council, was aimed at strengthening NELFUND’s financial capacity and enabling it to meet its increasing obligations to Nigerian students.
According to the minister, the directive covers funds recovered by the EFCC, unclaimed dividends held in capital market trust funds and dormant account trust funds.
He said the initiative was driven by the administration’s commitment to ensuring that financial constraints do not prevent Nigerian students from pursuing higher education.
“The President has directed, and this was endorsed by FEC, that all seized funds by the EFCC should be directed to NELFUND to fund the education of our children,” Alausa said.
The minister stressed that education funding remained a priority for the President, noting that the administration was determined to protect the future of Nigerian children and students.
Alausa added that FEC had also approved the transfer of eligible unclaimed dividends and dormant account trust funds to NELFUND.
“The President also directed, and FEC approved, that all unclaimed dividends from the capital market trust fund and the dormant account trust fund should be directed to NELFUND, so that NELFUND is financially buoyant to meet its growing obligations,” he said.
He explained that legal reviews were underway to establish the appropriate framework for implementing the directive and ensure compliance with existing laws.
The minister clarified that funds currently tied up in legal disputes would not be transferred until the cases were resolved.
He said the government intended to focus on unencumbered funds that had previously been illegally taken and were legally recoverable for the benefit of Nigerians.
Alausa said the recovered resources would be prioritised for educational purposes, particularly to ensure that students who require financial assistance can continue their studies.
NELFUND was established under the Student Loans (Access to Higher Education) (Repeal and Re-enactment) Act, 2024, which was signed into law by President Tinubu on April 3, 2024.
