President Bola Ahmed Tinubu has reiterated his directive that all funds recovered by the Economic and Financial Crimes Commission (EFCC) be channelled into the Nigerian Education Loan Fund (NELFUND) to strengthen the federal government’s student loan scheme.
Tinubu made the declaration on Friday during the launch of Arise Palm Resort in Uyo, the Akwa Ibom State capital.
The President said the decision was aimed at reducing the financial burden of tuition fees on parents and providing equal educational opportunities for Nigerians, regardless of their economic background.
According to him, education remains one of the most effective tools for fighting poverty and creating opportunities for future generations.
“I feel your pain and share in the difficulty, and that’s why I decided to take away the responsibility of tuition fees from parents and equal opportunities for everyone who wants to read, taking education as the greatest weapon against poverty,” Tinubu said.
He further declared that proceeds recovered from corruption investigations would henceforth be committed to financing the student loan programme.
“From today on, as we are fighting corruption, any money recovered by EFCC will be dumped into that education programme. It will be. No one can reverse it,” the President stated.
Tinubu had earlier, on August 19, directed the EFCC to channel all recovered funds into NELFUND as part of efforts to expand access to higher education and strengthen the student loan scheme.
The Minister of Education, Dr. Tunji Alausa, disclosed the directive while addressing State House correspondents after a Federal Executive Council (FEC) meeting on the same day.
Alausa also revealed that the FEC approved the allocation of unclaimed dividends in the Capital Market Trust Fund and funds in the Dormant Account Trust Fund to the student loan scheme to expand its reach and improve its operations.
Similarly, the EFCC Chairman, Ola Olukoyede, disclosed during a press briefing in Abuja on August 31 that the Federal Government had allocated N100 billion from funds recovered by the anti-graft agency to the student loan scheme since 2024.
Olukoyede explained that channelling recovered proceeds of crime into education and household credit would ensure that anti-corruption efforts deliver broader economic and social benefits beyond punishing offenders.
