More than 1.2 million Nigerian students are currently benefiting from the Nigerian Education Loan Fund, with President Bola Ahmed Tinubu now directing that recovered looted funds, unclaimed dividends and dormant account monies be channelled into the scheme to keep it running and growing.
Minister of Education, Dr Tunji Alausa, disclosed this on Wednesday at the State House, Abuja, saying the President wants NELFUND placed on a sustainable financial footing as demand for student loans continues to surge across federal and state institutions.
Tinubu Turns Recovered Loot Into Student Lifeline
Alausa briefed journalists after the fourth FEC meeting of the year, presided over by President Tinubu. He said the directive covers only “cleared and unencumbered” liquid funds recovered by the EFCC. Seized properties and money still facing litigation are excluded.
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The President also ordered a review of laws governing the Unclaimed Dividends Trust Fund and Dormant Accounts Trust Fund, to determine how those resources can be mobilised for NELFUND. The Attorney-General, Ministers of Finance and Education, and the Debt Management Office will work out the legal and operational framework.
“The President was very clear: not seized properties, all recovered looted funds, liquid funds recovered by the EFCC will now be transferred to NELFUND,” Alausa said. He added that Tinubu considers education one of the most productive uses for recovered public money as the administration pushes for a $1 trillion economy.
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1.2 Million Already On Board, Billions Paid Out
NELFUND has moved from promise to pipeline. According to the minister, 1.2 million students are already benefiting. The Fund has disbursed over N93 billion as upkeep allowances and more than N250 billion as institutional fees to public tertiary institutions nationwide.
To address early challenges, the government has set a timeline for schools to refund students who paid fees before NELFUND remitted on their behalf. “Any outstanding individual case brought to the ministry’s attention will be investigated,” Alausa assured.
Education As Engine For $1 Trillion Dream
FEC also approved N118.31 billion to complete the National Library headquarters in Abuja, plus N37 billion for furnishing, and endorsed the transformation of Suleja Academy into the Nigerian Academy for the Gifted and Talented.
Council further approved an Entrepreneurship, Innovation and Business Incubation Certification programme for 14 federal universities including UNILAG, OAU, ABU and UNN, to shift graduates from job seekers to job creators.
“The education of our children cannot wait,” Alausa said. “He will do anything and everything to protect the future of every single Nigerian student.”
