No Better Use of Recovered Funds Than Educating Nigerian Children, Says Alausa

The Minister of Education, Dr Maruf Tunji Alausa, has welcomed the Federal Government’s plan to channel cleared funds recovered by the Economic and Financial Crimes Commission (EFCC) into the Nigerian Education Loan Fund (NELFUND)

The Minister described the move as an opportunity to turn recovered resources into better educational opportunities for Nigerian students.

Alausa said the decision would strengthen NELFUND’s financial base and provide a more sustainable funding source as the student loan scheme continues to expand.

Speaking on Monday, he noted that the move would ensure that resources recovered on behalf of Nigerians were put to productive use, particularly in expanding access to tertiary education.

He said the President Bola Ahmed Tinubu administration had remained committed to making NELFUND financially sustainable and capable of meeting its growing obligations to students.

“As you heard me at the last press briefing following the last Federal Executive Council meeting, Mr President mentioned that we need to make NELFUND financially buoyant and sustainable into the future,” Alausa said.

Under the arrangement, only funds recovered by the EFCC that have been legally cleared and are free from litigation or other encumbrances will be considered for transfer to NELFUND.

The minister also disclosed that the President had directed that unclaimed dividends and funds in dormant account trust funds should be considered for the student loan scheme, subject to relevant legal provisions.

Alausa said the Attorney-General of the Federation would work with the Ministers of Finance and Education and other relevant institutions to develop the modalities for implementing the directive.

“During that meeting as well, Mr President directed the Minister of Finance, myself and the Attorney-General of the Federation to work on the modalities to operationalising this,” he said.

He explained that the Attorney-General would review the laws governing the unclaimed dividend trust fund and dormant account trust fund to establish how the resources could legally be transferred.

“If changes would have to be made to the Act, whatever, the Attorney-General is looking into that,” Alausa added.

The minister described the development as particularly significant for Nigerian students, arguing that recovered resources should be deployed to create opportunities for young people rather than remain idle or become tied up in prolonged disputes.

He said the government’s broader education agenda was focused on ensuring that Nigerian youths had access to quality education and the skills required to contribute to national development.

“This is a time that is great for Nigerian students. You have a President, President Bola Ahmed Tinubu, that believes fervently and benevolently in education and continues to push day and night to ensure that every single Nigerian youth gets the best opportunity to be useful to themselves, useful to their community, to the country and the global world at large,” he said.

Alausa said the new funding arrangement would complement NELFUND’s existing financing, including the 15 per cent allocation from the development levy.

According to him, the additional funding sources would put the student loan scheme on a stronger footing and enable it to cope with its expanding responsibilities.

“But to summarise, NELFUND, beyond the 15 per cent allocation from the development levy, is now positioned to be financially buoyant into the near future, into the distant future and sustainably to eternity,” he said.

The minister disclosed that more than 1.2 million students in tertiary institutions were currently benefiting from NELFUND.

As of August 8, he said, the Fund had disbursed more than N322 billion in institutional fees and upkeep allowances to beneficiaries across the country.

NELFUND was established in 2024 following the signing of the Student Loans Access to Higher Education Act by President Tinubu. The scheme provides interest-free loans to eligible students in tertiary institutions.

Alausa said strengthening the Fund was critical as more Nigerian students sought financial assistance to pursue higher education.

He also commended Tinubu for what he described as sustained political and financial support for the education sector, saying the administration was implementing interventions across tertiary, basic and senior secondary education.

The minister said the government was working to improve the quality of education, student services and the welfare of academic and non-academic staff in tertiary institutions.

“We thank President Bola Ahmed Tinubu for the political support as well as the funding that Mr President has given us in championing his mandate,” Alausa said.

He maintained that sustained investment in education would ultimately strengthen Nigeria’s human capital and provide the skilled workforce required to drive economic growth.

Alausa said the Ministry of Education would continue to work with NELFUND and other relevant government institutions to ensure that the new funding arrangements were implemented transparently and within the law.

He added that the government remained committed to ensuring that lack of money did not prevent qualified Nigerian students from accessing tertiary education.

The minister said the use of recovered resources to finance education could therefore provide a lasting benefit by transforming funds recovered from past wrongdoing or left unclaimed into opportunities capable of shaping the country’s future.