President Bola Tinubu has directed that legally cleared funds recovered by the Economic and Financial Crimes Commission (EFCC) be channelled to the Nigerian Education Loan Fund (NELFUND) to strengthen its finances and expand access to tertiary education.

The directive was disclosed on Monday in Abuja by the Minister of Education, Dr Tunji Alausa, through his Special Adviser on Media and Communications, Ikharo Attah.

Alausa said Tinubu had also directed that funds from unclaimed dividends and dormant accounts be considered as additional funding sources for NELFUND, subject to existing laws.

He stressed that only recovered funds that had been legally cleared and were free from litigation or other encumbrances would qualify for transfer.

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According to the minister, the directive is aimed at making NELFUND financially sustainable as its obligations continue to grow.

He said the Attorney-General of the Federation, in collaboration with the ministers of Finance and Education and other relevant institutions, would develop the framework for implementing the directive.

Alausa added that the Attorney-General would review the laws governing the Unclaimed Dividend Trust Fund and Dormant Account Trust Fund to determine how funds could legally be transferred to NELFUND.

He described the move as a major opportunity for Nigerian students, saying the Federal Government remained committed to expanding access to quality education.

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The minister said the proposed funding would complement NELFUND’s existing sources of financing, including the 15 per cent allocation from the Tertiary Education Trust Fund development levy.

Alausa disclosed that more than 1.2 million tertiary institution students were currently benefiting from NELFUND.

He added that, as of August 8, the fund had disbursed more than ₦322 billion in institutional fees and upkeep allowances to beneficiaries nationwide.

The minister said the government was also extending investments in education to the basic and senior secondary levels as part of efforts to strengthen the country’s entire education system.

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He said the new funding arrangement would enable resources recovered on behalf of Nigerians to be converted into educational opportunities for young people.

Alausa stressed that sustained investment in education was essential to developing the skilled workforce needed to drive Nigeria’s economic growth and long-term development.

He reaffirmed the ministry’s commitment to working with NELFUND and other government institutions to ensure that the new funding arrangement was implemented effectively and in accordance with the law.

The minister also said the government would continue working to ensure that financial constraints did not prevent qualified Nigerian students from pursuing tertiary education.