President Bola Ahmed Tinubu has directed that all legally cleared and unencumbered liquid funds recovered by the EFCC be transferred to the Nigerian Education Loan Fund (NELFUND) to support tertiary education.

The President also ordered the mobilisation of funds in the Unclaimed Dividends Trust Fund and Dormant Accounts Trust Fund for NELFUND, subject to existing laws.

Education Minister Dr Tunji Alausa said only funds no longer subject to litigation would be transferred, while assets and funds still under legal challenge would be excluded.

He said the move would strengthen NELFUND’s finances as demand for student loans grows. More than 1.2 million students currently benefit from the scheme, with over N93 billion disbursed as upkeep allowances.