President Bola Tinubu has directed that liquid funds recovered by the Economic and Financial Crimes Commission be transferred to the Nigerian Education Loan Fund to support its long-term funding.
The President also approved the transfer of unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund to NELFUND. Minister of Education, Dr Tunji Alausa, disclosed this on Wednesday while briefing State House correspondents after the Federal Executive Council meeting at the Presidential Villa, Abuja. The meeting was the council’s first sitting since June 29.
Alausa said the decision would help NELFUND meet its growing financial obligations as more Nigerian students access education loans and other support from the fund.
“The President has now directed that all funds recovered by the Economic and Financial Crimes Commission be diverted to NELFUND to continue to support its funding.”
He explained that the directive applies only to liquid cash recovered by the EFCC. It does not cover seized properties or other non-cash assets.
N242bn unclaimed dividends to support NELFUND
Nigeria’s unclaimed dividends currently stand at about N242bn, according to the Securities and Exchange Commission. The figure has risen from about N158.4bn in 2019 to N190bn in 2023. Outdated shareholder records, unresolved estates and missing bank account links are among the factors behind the increase.
The EFCC has also recovered more than N566bn and $411m in monetary assets over the years. However, Alausa stressed that only cleared and transferable cash recoveries would go to NELFUND. He added that funds involved in ongoing court cases would not form part of the transfer.
“Every single fund that is still subject to a legal challenge will not be part of the money that will be transferred to NELFUND.”
President Tinubu has directed the Attorney-General of the Federation, Lateef Fagbemi, to work with the Ministries of Finance and Education and the Debt Management Office to work out the process. The minister said the agencies would also review the laws establishing the two trust funds to ensure that the transfer of the unclaimed dividends follows due process.
NELFUND supports over 1.2 million students
Alausa said NELFUND has already supported more than 1.2 million Nigerian students. He disclosed that the fund has paid more than N93bn in student stipends and over N250bn in institutional fees to public tertiary institutions across the country.
“Today, we have over 1.2 million Nigerian students benefiting from NELFUND, and NELFUND has disbursed over N93bn as stipends to students all across public institutions in the country, both federal and state.”
He said the additional funding would help the scheme meet its growing obligations and provide continued support to Nigerian students.
FG approves entrepreneurship programme
The Federal Executive Council also approved an Entrepreneurship, Innovation and Business Incubation Certification Programme for 14 federal universities. The programme will provide students with training in entrepreneurship, innovation, business incubation and enterprise development. It will also include digital learning, mentorship and incubation support. Alausa said the programme had already been tested at the University of Lagos and had shown potential to help students become job creators rather than job seekers.
The 14 universities are Ahmadu Bello University, Bayero University Kano, Nnamdi Azikiwe University, Obafemi Awolowo University, University of Abuja, University of Benin, University of Ibadan, University of Ilorin, University of Jos, University of Lagos, University of Maiduguri, University of Nigeria Nsukka, University of Port Harcourt and Usmanu Danfodiyo University.
National Library project gets N155bn boost
The council also approved about N155bn to complete the National Library of Nigeria headquarters complex in Abuja. The project began in 2006 but construction stopped in October 2008.
The approved funding includes N118.309bn for construction and about N37bn for furnishing the complex. Alausa said the Federal Government would source part of the funding from the Tertiary Education Trust Fund. First Lady Oluremi Tinubu also helped raise about N25bn through donations towards the project. The minister said construction could resume in the coming months after the 18-year delay.
Council approves academy for gifted children
The council further approved the establishment of the Academy for Gifted and Talented Children. The decision will transform the existing Suleja Academy into an autonomous institution with its own governing board and council.
Alausa said the academy would receive funding through government appropriations, endowments and donations. He added that the Attorney-General of the Federation had been directed to prepare an executive bill for submission to the National Assembly.
Read also: NANS reports duplicate NELFUND payments, urges students to save excess funds
