President Bola Tinubu has ordered the redirection of legally recovered funds from the Economic and Financial Crimes Commission (EFCC) and unclaimed dividends from dormant accounts to the Nigerian Education Loan Fund (NELFUND). The directive was disclosed by the Minister of Education, Dr Tunji Alausa, during a briefing. The move aims to bolster financial support for Nigerian students through the education loan program.
The decision follows Tinubu’s broader efforts to enhance transparency and accountability in public finance. The EFCC has been active in recovering illicit funds, and the new allocation reflects a strategic shift toward utilizing these resources for educational development. The Nigerian Exchange (NGX) has also called for major fintech companies to list on the stock market, aiming to deepen the country’s capital markets.
Tinubu’s administration continues to prioritize economic reforms, including financial sector modernization. The redirection of funds to NELFUND underscores a growing emphasis on using recovered assets for social development. The government is also engaging with financial institutions to promote investment and economic growth.
The directive highlights the administration’s focus on repurposing illicitly obtained funds for public benefit, aligning with broader economic reform goals. As the government works to stabilize the financial system, the role of regulatory bodies and private sector participation remains central to its strategy.
