President Bola Tinubu has directed that funds recovered by the Economic and Financial Crimes Commission (EFCC), alongside unclaimed dividends and dormant account funds, be channelled into the Nigerian Education Loan Fund (NELFUND) to strengthen access to higher education financing.
The directive was announced by the Minister of Education, Dr Tunji Alausa, after the fourth Federal Executive Council (FEC) meeting of 2026 held at the State House, Abuja.
According to the minister, the decision is aimed at expanding the financial base of NELFUND, which currently supports more than 1.2 million Nigerian students through its education loan programme.
Alausa disclosed that President Tinubu also approved the transfer of funds from the capital market’s unclaimed dividends trust fund and dormant accounts trust fund to NELFUND as part of efforts to ensure sustainable funding for the scheme.
The minister explained that the initiative reflects the administration’s commitment to removing financial barriers that prevent qualified students from pursuing tertiary education.
To facilitate the implementation of the directive, Tinubu instructed the Minister of Finance, the Minister of Education, the Attorney-General of the Federation and the Debt Management Office (DMO) to work together on the legal and regulatory framework required for the transfer of the funds.
The move is expected to significantly boost NELFUND’s capacity to provide loans to students across the country and further support the government’s objective of increasing access to quality higher education.
The student loan scheme remains one of the flagship education programmes of the Tinubu administration, designed to assist students in public tertiary institutions with tuition and upkeep costs.
