President Bola Tinubu has directed that liquid funds recovered by the Economic and Financial Crimes Commission (EFCC) be transferred to the Nigerian Education Loan Fund (NELFUND) to strengthen the financing of student loans across the country.
The Minister of Education, Tunji Alausa, disclosed this on Wednesday, August 19, 2026, while briefing journalists at the State House after the Federal Executive Council (FEC) meeting.
Alausa said the directive was part of measures approved by the FEC to expand NELFUND’s financial capacity and enable it to meet its growing obligations to Nigerian students.
“The president, in his benevolence, has now directed that all funds recovered by the Economic and Financial Crimes Commission be diverted to NELFUND to continue to support its funding,” Alausa said.
He added that the council had also approved the transfer of unclaimed dividends in the Capital Market Trust Fund and Dormant Account Trust Fund to NELFUND.
“This was also approved by FEC: that all unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund should also be directed to NELFUND, so that NELFUND will be financially buoyant to meet its growing obligations today,” the minister said.
Alausa, however, clarified that the presidential directive applies specifically to liquid funds recovered by the EFCC, and not seized properties or other non-cash assets.
“Note, and the President was very clear, not ceased properties, or recovered looted funds, but liquid funds, from the EFCC will now be transferred to NELFUND,” he said.
NELFUND was established in 2024 following President Tinubu’s signing of the Student Loans (Access to Higher Education) Act into law, with the objective of providing interest-free loans to eligible students in tertiary institutions.
The fund said that as of August 8, 2026, it had disbursed more than ₦322 billion in institutional fees and upkeep allowances to over 1.6 million students nationwide.
The latest directive is expected to provide NELFUND with additional funding as demand for student loans continues to grow, while expanding access to higher education for eligible Nigerian students.
