President Bola Tinubu has approved the diversion of funds recovered by the Economic and Financial Crimes Commission (EFCC) to the Nigerian Education Loan Fund (NELFUND) to strengthen the student loan programme.
The Minister of Education, Dr. Tunji Alausa, disclosed this after a meeting of the Federal Executive Council (FEC) in Abuja.
According to the minister, the directive is aimed at ensuring that NELFUND remains financially capable of meeting its increasing obligations to Nigerian students benefiting from the loan scheme.
Alausa also revealed that the FEC approved the transfer of funds from the Capital Market Trust Fund’s unclaimed dividends and the Dormant Account Trust Fund to NELFUND.
He said the additional funding sources would help expand and sustain the student loan programme as more students access educational support.
The move represents part of the Federal Government’s effort to provide long-term funding for higher education financing and improve access to tertiary education through the student loan initiative.
The policy is expected to increase the resources available to NELFUND, although further details on the implementation framework and the amount of funds to be transferred have yet to be made public.