The Federal Government has approved a major funding boost for Nigeria’s education sector, directing that funds recovered from financial crimes be channelled towards supporting students through the Nigerian Education Loan Fund (NELFUND).

The decision was approved by the Federal Executive Council (FEC) during its meeting on Wednesday, marking a significant shift in how recovered public funds will be utilised.

Minister of Education, Dr. Tunji Alausa, disclosed the development while briefing journalists after the council meeting. He said President Bola Tinubu had approved the transfer of funds recovered by the Economic and Financial Crimes Commission (EFCC) to NELFUND, a move aimed at strengthening the sustainability of the student loan scheme.

According to Alausa, the Attorney-General of the Federation has been directed to work closely with the Ministry of Education to develop the legal framework and operational guidelines required to implement the decision.

The minister described the approval as a major intervention that would help expand access to higher education by ensuring that NELFUND has sufficient resources to meet the increasing demand for student loans across the country.

He, however, clarified that assets and funds currently tied to court cases would remain untouched until all legal proceedings are concluded.

Alausa praised President Tinubu for prioritising education, saying the decision reflects the administration’s commitment to investing in the future of Nigerian students.

Beyond the recovered EFCC funds, the minister revealed that the Federal Executive Council also approved the transfer of unclaimed dividends from the Capital Market Trust Fund and resources from the Dormant Account Trust Fund to NELFUND.

He said the additional funding streams are expected to significantly strengthen the loan fund’s financial capacity and enable it to meet its expanding obligations to students nationwide.

“The president has directed that all funds recovered by the EFCC be channelled to NELFUND,” Alausa said.

He added that the council also approved the transfer of unclaimed dividends and dormant account funds to the student loan scheme, ensuring that the agency remains financially equipped to support more beneficiaries in the years ahead.

The latest approval comes as the Federal Government continues efforts to expand educational opportunities and remove financial barriers that prevent many Nigerians from pursuing tertiary education.The Federal Government has approved a major funding boost for Nigeria’s education sector, directing that funds recovered from financial crimes be channelled towards supporting students through the Nigerian Education Loan Fund (NELFUND).

The decision was approved by the Federal Executive Council (FEC) during its meeting on Wednesday, marking a significant shift in how recovered public funds will be utilised.

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Minister of Education, Dr. Tunji Alausa, disclosed the development while briefing journalists after the council meeting. He said President Bola Tinubu had approved the transfer of funds recovered by the Economic and Financial Crimes Commission (EFCC) to NELFUND, a move aimed at strengthening the sustainability of the student loan scheme.

According to Alausa, the Attorney-General of the Federation has been directed to work closely with the Ministry of Education to develop the legal framework and operational guidelines required to implement the decision.

The minister described the approval as a major intervention that would help expand access to higher education by ensuring that NELFUND has sufficient resources to meet the increasing demand for student loans across the country.

He, however, clarified that assets and funds currently tied to court cases would remain untouched until all legal proceedings are concluded.

Alausa praised President Tinubu for prioritising education, saying the decision reflects the administration’s commitment to investing in the future of Nigerian students.

Beyond the recovered EFCC funds, the minister revealed that the Federal Executive Council also approved the transfer of unclaimed dividends from the Capital Market Trust Fund and resources from the Dormant Account Trust Fund to NELFUND.

He said the additional funding streams are expected to significantly strengthen the loan fund’s financial capacity and enable it to meet its expanding obligations to students nationwide.

“The president has directed that all funds recovered by the EFCC be channelled to NELFUND,” Alausa said.

He added that the council also approved the transfer of unclaimed dividends and dormant account funds to the student loan scheme, ensuring that the agency remains financially equipped to support more beneficiaries in the years ahead.

The latest approval comes as the Federal Government continues efforts to expand educational opportunities and remove financial barriers that prevent many Nigerians from pursuing tertiary education.