ALAUSA: RECOVERED FUNDS SHOULD SUPPORT NIGERIAN STUDENTS THROUGH NELFUND
By: Safiya Abdulrahim Dabban
The Minister of Education, Dr. Maruf Tunji Alausa, says there is no better use of recovered funds than investing them in the education of Nigerian children through the Nigerian Education Loan Fund (NELFUND).
Alausa said President Bola Tinubu had directed that legally cleared funds recovered by the Economic and Financial Crimes Commission (EFCC), as well as unclaimed dividends and dormant account funds, should be channelled into NELFUND to strengthen its financial sustainability.
He explained that the process would comply with existing laws, with the Attorney-General of the Federation working with the Ministers of Finance and Education to determine the modalities.
The minister said the move would help NELFUND meet its growing obligations and expand access to tertiary education for Nigerian students.
According to him, more than 1.2 million students are currently benefiting from NELFUND, while over ₦322 billion had been disbursed for institutional fees and upkeep allowances as of August 8.
Alausa said the additional funding would complement NELFUND’s existing sources of revenue and ensure that financial challenges do not prevent qualified Nigerian students from pursuing higher education.
He described the development as a major opportunity for Nigerian students, stressing that sustained investment in education would help produce the skilled workforce needed for national development.