EFCC Loot: FEC Orders Transfer Of Recovered Funds to NELFUND

The Federal Executive Council (FEC) has directed the Economic and Financial Crimes Commission (EFCC) to transfer legally recovered liquid funds to the Nigerian Education Loan Fund (NELFUND) to strengthen the Federal Government’s student loan programme.

According to IREPORTER Online, the Minister of Education, Tunji Alausa, disclosed the decision while briefing State House correspondents after the FEC meeting in Abuja on Wednesday.

Alausa explained that the directive applies only to funds that have been legally recovered and are no longer subject to court proceedings. He stressed that properties seized by the EFCC and funds still involved in litigation would not be included in the transfer.

The minister said President Bola Tinubu had directed the Attorney-General of the Federation, the Minister of Finance, the Ministry of Education, the Debt Management Office and other relevant agencies to develop the legal framework required to facilitate the transfer.

He added that the Attorney-General would work with the EFCC chairman to identify recovered funds that are legally available for transfer to NELFUND.

According to Alausa, the move is aimed at providing NELFUND with additional resources to sustain and expand the student loan scheme as demand continues to increase across the country.

He disclosed that more than 1.2 million Nigerian students are currently benefiting from the programme, while over ₦93 billion has been disbursed as upkeep allowances to students in public tertiary institutions.

The minister also said the government was examining the legal framework surrounding the Unclaimed Dividends Trust Fund and Dormant Accounts Trust Fund, with a view to determining how eligible funds could be made available to support education financing.

Alausa said the initiative reflects the Federal Government’s broader effort to channel available national resources into education and improve access to tertiary education for Nigerian students.