President Bola Ahmed Tinubu has approved a fresh funding arrangement for the Nigerian Education Loan Fund (NELFUND), directing that liquid funds recovered by the Economic and Financial Crimes Commission (EFCC) be channelled into the student loan scheme.
The Minister of Education, Dr. Tunji Alausa, disclosed the development on Wednesday while briefing State House correspondents after the Federal Executive Council (FEC) meeting in Abuja.
The directive is expected to strengthen NELFUND’s financial capacity and support the continued funding of student loans and related obligations under the Federal Government’s higher education financing programme.
The development is not entirely new to the administration’s approach to recovered proceeds. The Presidency had previously stated that recovered EFCC proceeds were being channelled into social investment programmes, including the student loan scheme.
The latest approval, however, provides an additional funding stream for NELFUND at a time when the student loan programme continues to expand its coverage among Nigerian students.
The Minister also disclosed that certain unclaimed dividends and trust funds are to form part of the additional funding arrangement for NELFUND.
The move is expected to provide further financial support for the implementation of the student loan scheme and potentially strengthen NELFUND’s ability to meet its obligations to eligible beneficiaries.