Tinubu Redirects Recovered EFCC Funds to Student Loan Scheme

President Bola Ahmed Tinubu directed that all legally cleared and unencumbered liquid funds recovered by the Economic and Financial Crimes Commission be transferred to the Nigerian Education Loan Fund (NELFUND). The Federal Executive Council also approved the redirection of resources from the Unclaimed Dividends Trust Fund and the Dormant Accounts Trust Fund to the agency. These measures aim to ensure the financial sustainability of the loan scheme, which has disbursed over 322 billion Naira through more than 1.6 million applications as of August 2026.

Minister of Education Tunji Alausa clarified that the directive applies only to liquid funds and specifically excludes seized properties or assets currently subject to legal challenges. To implement the transfers, the President instructed the Ministers of Finance and Education, the Attorney General of the Federation, and the Debt Management Office to establish the necessary legal frameworks.

During the same Federal Executive Council meeting, the government approved N118.3 billion to complete the National Library of Nigeria headquarters in Abuja, supplemented by N25 billion raised by First Lady Oluremi Tinubu. Other approvals included the transformation of Suleja Academy into the autonomous Nigerian Academy for the Gifted and Talented and the launch of an entrepreneurship and innovation certification program across 14 federal universities.

NELFUND leadership praised the intervention, with Managing Director Akintunde Sawyerr stating the decision demonstrates the president's belief in the transformative power of education. Board Chairman Jim Ovia noted that the funding reinforces the administration's commitment to inclusive higher education.