President Bola Tinubu has directed that funds recovered by the Economic and Financial Crimes Commission (EFCC) be channelled to the Nigerian Education Loan Fund (NELFUND) to support its growing financial obligations.

The Minister of Education, Dr Tunji Alausa, disclosed this on Wednesday while briefing journalists after the Federal Executive Council (FEC) meeting in Abuja.

Alausa said FEC also approved a presidential directive to channel all unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund to NELFUND.

According to him, the move is aimed at strengthening NELFUND’s financial capacity and enabling it to meet its expanding 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.

“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.