President Bola Ahmed Tinubu has directed that eligible liquid funds recovered by the Economic and Financial Crimes Commission (EFCC) be channelled to the Nigerian Education Loan Fund (NELFUND).
The move is aimed at strengthening the funding of Nigeria’s growing student loan programme.
NELFUND welcomed the decision, saying the additional funding would help support its student loan obligations.
The Federal Executive Council has also approved the use of certain unclaimed dividends from the Capital Market Trust Fund and Dormant Account Trust Fund to support the student loan scheme.
The development comes as demand for student loans continues to grow across Nigerian tertiary institutions.
NELFUND has reported that it has disbursed more than ₦322 billion, covering over 1.6 million student loan applications as of August 2026.
The student loan programme is one of the Federal Government’s major education policies under the Tinubu administration.
The scheme is designed to give students who may struggle to pay their education costs access to financial support.
The decision to use eligible recovered funds and certain unclaimed financial assets could provide another source of funding for the programme.
However, the effectiveness of the scheme will depend on how quickly eligible students can access the loans and how well the programme is managed.
For Monafrika: The latest funding decision could provide relief for thousands of Nigerian students and families struggling with the rising cost of tertiary education.
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