ABUJA, NIGERIA — The Federal Executive Council (FEC) has directed the Economic and Financial Crimes Commission (EFCC) to transfer legally recovered looted liquid funds to the Nigerian Education Loan Fund (NELFUND) to strengthen the Federal Government’s student loan programme.

The Minister of Education, Tunji Alausa, disclosed this on Wednesday while briefing State House correspondents after the FEC meeting presided over by President Bola Ahmed Tinubu at the Presidential Villa, Abuja.

Tinubu Orders Forensic Probe Of Fake Federal Agencies

Alausa clarified that the directive covers only liquid funds that have been legally recovered and are no longer subject to litigation. He stressed that seized properties and funds still before the courts are excluded from the arrangement.

“The President was very clear: not seized properties, all recovered looted funds, liquid funds recovered by the EFCC will now be transferred to NELFUND,” the minister said.

He explained that President Tinubu had directed the Attorney-General of the Federation and Minister of Justice, Minister of Finance, Ministry of Education, Debt Management Office and other relevant agencies to develop the legal framework for the transfer.

The Attorney-General is also expected to work with the EFCC chairman to identify recovered funds that are legally available for transfer to NELFUND.

Over 1.2m Students Benefiting From NELFUND

Alausa said the decision was aimed at providing NELFUND with a more sustainable financial base as demand for the Federal Government’s student loan scheme continues to increase.

According to him, more than 1.2 million Nigerian students are currently benefiting from the scheme.

He further disclosed that NELFUND had disbursed over ₦93 billion in upkeep allowances to students in federal and state-owned public institutions.

The minister also said the government would review the laws governing the Unclaimed Dividends Trust Fund and Dormant Accounts Trust Fund to determine the appropriate legal framework for making eligible funds available to NELFUND.

FEC Approves Funds for National Library

The FEC also approved ₦118.309 billion for the completion of the long-abandoned National Library of Nigeria headquarters complex in Abuja, alongside approximately ₦37 billion for furnishing the facility.

The total approved funding for the completion and furnishing of the project therefore stands at about ₦155 billion.

Alausa said construction of the National Library began on April 29, 2006, with an initial completion period of two years, but work was halted in October 2008.

He said President Tinubu subsequently directed the Ministry of Education to mobilise resources to revive the project, including support from the Tertiary Education Trust Fund (TETFund).

The minister also acknowledged the contribution of First Lady Senator Oluremi Tinubu, saying she directed that gifts and donations received during her birthday celebrations be channelled towards the completion of the National Library.

According to Alausa, the initiative generated approximately ₦25 billion for the project.

He expressed optimism that construction work on the facility would resume within the next few months.

FEC Approves Nigerian Academy for Gifted Students

The council also approved the establishment of the Nigerian Academy for the Gifted and Talented.

Alausa said the academy would be created through the transformation of the existing Suleja Academy, as part of the Federal Government’s efforts to provide specialised educational opportunities for exceptionally gifted and talented Nigerian students.

The development, according to the minister, is part of broader reforms aimed at improving access to quality education, strengthening human capital development and ensuring that national resources are channelled towards investments capable of benefiting Nigerian students.