President Bola Tinubu has issued a directive to channel proceeds from assets recovered by the EFCC as well as unclaimed dividends into the Nigerian Education Loan Fund, NELFUND.The move is aimed at strengthening the federal government’s student loan program and ensuring it has a sustainable source of financing.
According to the directive, funds that were previously recovered through anti-corruption efforts, and dividends that have remained unclaimed for years, will now be redirected to support tertiary students.Officials say the decision is part of efforts to expand access to higher education and reduce the financial burden on students and their families.
With rising tuition and living costs, the loan scheme is expected to provide a lifeline for many undergraduates who struggle to pay school fees.NELFUND was set up to provide interest-free loans to eligible Nigerian students in universities, polytechnics, and colleges of education. By tapping into recovered assets and dormant dividends, the government hopes to keep the fund running without over-relying on budgetary allocations.
The presidency noted that this redirection will help more students stay in school while also putting idle public funds to productive use. Stakeholders in the education sector have described the step as a practical way to link anti-corruption gains directly to youth development.
