Tinubu orders recovered EFCC funds diverted to student loan scheme

President Bola Tinubu has directed that all funds recovered by the Economic and Financial Crimes Commission be channelled to the Nigerian Education Loan Fund, according to a TheCable report.

Education Minister Tunji Alausa announced the directive after Wednesday’s Federal Executive Council meeting, clarifying it covers liquid funds only, not seized properties or looted assets. FEC also approved routing unclaimed dividends from the Capital Market Trust Fund and Dormant Account Trust Fund to NELFUND to boost its financial capacity.

NELFUND, established in 2024, has disbursed over N322 billion to more than 1.6 million students nationwide as of August 8.