President Bola Tinubu has approved a new funding arrangement for the Nigerian Education Loan Fund, NELFUND, directing that liquid funds recovered by the Economic and Financial Crimes Commission, EFCC, as well as certain unclaimed dividends, be channelled into the student loan scheme.

The Minister of Education, Tunji Alausa, disclosed this on Wednesday after the Federal Executive Council meeting in Abuja. He said the move was aimed at strengthening NELFUND’s finances as demand for student loans continued to increase.

Alausa explained that only liquid EFCC-recovered funds that were free from legal disputes would be transferred to NELFUND. He clarified that the directive did not include forfeited properties or other assets recovered by the anti-graft agency.

The minister also said FEC had approved the transfer of unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund to NELFUND.

He said the decision was part of the Federal Government’s efforts to expand access to tertiary education and ensure that financial difficulties did not prevent qualified Nigerian students from pursuing higher education.