FEC Approves Release of Recovered Funds to Boost Education

Author: Gist Correspondent

The Federal Executive Council (FEC) has approved the release of funds recovered by the Economic and Financial Crimes Commission (EFCC) to support Nigeria's education sector through the Nigerian Education Loan Fund (NELFUND).

Minister of Education, Dr. Tunji Alausa, announced the decision on Wednesday while briefing journalists after the FEC meeting presided over by President Bola Tinubu at the Presidential Villa, Abuja.

He said the council also directed the Attorney-General of the Federation to work with the Ministry of Education to develop the legal framework and implementation guidelines for the initiative.

According to the minister, the recovered funds will strengthen NELFUND's capacity to meet its expanding obligations to Nigerian students.

Alausa commended President Tinubu for prioritising education, describing the decision as a major step toward improving access to funding for students across the country.

He clarified, however, that funds currently tied to ongoing court cases would not be released until all legal processes have been concluded.

The minister further disclosed that FEC approved the transfer of unclaimed dividends from the Capital Market Trust Fund and resources from the Dormant Account Trust Fund to NELFUND to further strengthen the scheme's financial base.

He expressed confidence that the additional funding would enhance the sustainability of the student loan programme and expand educational opportunities for more Nigerians.