THE Federal Executive Council (FEC) has approved the release of monies seized and recovered by the Economic and Financial Crimes Commission (EFCC) to support Nigeria’s education sector through the Nigerian Education Loan Fund (NELFUND).
News Point Nigeria reports that the Minister of Education, Dr. Tunji Alausa, disclosed this after the Federal Executive Council meeting on Wednesday, saying the funds would be channelled through NELFUND to strengthen its capacity to meet its growing obligations.
The Minister added that the FEC also mandated the Attorney-General of the Federation to liaise with the Ministry of Education to work out the modalities and put in place the necessary legal framework for the implementation of the decision.
While commending President Bola Tinubu for his “magnanimity and dedication” to education, Alausa clarified that monies currently under litigation would not be touched until all legal issues surrounding them had been fully settled.
“The President, in his benevolence, has now directed that all funds recovered by the Economic and Financial Crimes Commission be diverted to NELFUND,” the minister said.
He further disclosed that the FEC approved additional sources of funding for the student loan scheme.
“This was also approved by FEC: that all unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund should also be channelled to NELFUND, so that NELFUND will be financially buoyant to meet its growing obligations,” Alausa said.
