Tinubu directs EFCC recovered funds, unclaimed dividends to NELFUND to boost student loans
President Bola Tinubu has directed that liquid funds recovered by the Economic and Financial Crimes Commission (EFCC) and unclaimed dividends from the Capital Market Trust Fund and Dormant Account Trust Fund be channelled to the Nigerian Education Loan Fund (NELFUND). Education Minister Tunji Alausa disclosed this after Wednesday's Federal Executive Council meeting in Abuja, stating the directive aims to strengthen NELFUND's finances as demand for student loans continues to grow.
This clarification comes against the backdrop of rising unclaimed dividends, which the Securities and Exchange Commission reported at N242 billion in June 2025—up from N190 billion in 2023. Alausa emphasized only liquid EFCC recoveries (not seized properties or recovered looted funds) will be transferred, with Attorney-General Lateef Fagbemi directed to resolve any legal or administrative hurdles for implementation.
NELFUND, established under the 2024 Student Loans (Access to Higher Education) Act, has already disbursed over N322 billion for institutional fees and upkeep allowances to more than 1.6 million students nationwide as of August 8. The fund previously extended the deadline for 2025/2026 academic session applications and had disbursed N183 billion in loans as of March.
With this new funding stream targeting NELFUND's growing obligations, will prospective students see increased loan availability or faster processing times for the 2025/2026 session, and how quickly can these liquid funds be mobilized to meet rising demand?