By AriseNews

Tinubu directs EFCC-recovered funds and unclaimed dividends to NELFUND to strengthen student loans for more than 1.2 million beneficiaries.

President Tinubu has directed that all liquid funds recovered by the Economic and Financial Crimes Commission, EFCC, be channelled to the Nigerian Education Loan Fund, NELFUND, to support Nigerian students.

The Minister of Education, Tunji Alausa, disclosed this on Wednesday after the Federal Executive Council meeting in Abuja.

Alausa said the council also approved the transfer of unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund to NELFUND.

According to the minister, the measures are aimed at strengthening NELFUND’s financial capacity as the student loan scheme continues to support more than 1.2 million students.

President Tinubu also directed the Ministers of Finance and Education, the Attorney General of the Federation and the Debt Management Office to work together to establish the legal framework for transferring the recovered funds and unclaimed dividends to NELFUND.

NELFUND is the Federal Government’s interest-free student loan scheme, which provides support for tuition and student upkeep.

Source: Arise News