Nigeria to Use Seized Illicit Funds and Unclaimed Dividends to Support Student Loans
ABUJA, NIGERIA — President Bola Tinubu has ordered that all funds recovered by the country’s antigraft agency, the Economic and Financial Crimes Commission (EFCC), be immediately channeled into the Nigerian Education Loan Fund (NELFUND).
The directive aims to provide sustainable financial relief for Nigerian students nationwide.
Under the directive, only unencumbered, legally cleared forfeited funds will be used, while dormant assets such as capital market unclaimed dividends will also be injected into the fund, including funds sitting in long-term dormant bank accounts.
Strategic Funding Shift for Higher Education
The Minister of Education, Tunji Alausa, disclosed the news on Wednesday after Wednesday’s Executive Council of the Federation meeting at the Presidential Villa in Abuja.
According to Alausa, the decision ensures that the student loan scheme does not suffer from budget shortfalls.
The government aims to eliminate financial barriers for youths seeking tertiary education by creating new revenue streams that will expand NELFUND’s capacity.
The expectation is that the education loan fund, which currently supports over 1.2 million Nigerian students, will further accommodate thousands of additional applicants across public universities, polytechnics, and colleges of education.
