President Bola Tinubu has directed the transfer of unclaimed dividends from the Capital Market Trust Fund and Dormant Account Trust Fund into the Nigerian Education Loan Fund (NELFUND) including all liquid funds recovered by the EFCC.
The directive was announced on Wednesday after the Federal Executive Council meeting in Abuja by the Minister of Education, Tunji Alausa .
The Education Minister said that the measures are aimed at strengthening NELFUND’s financial capacity, with more than 1.2 million students currently benefiting from the scheme.
President Tinubu further directed the Ministers of Finance, Education, the Attorney General of the Federation and the Debt Management Office to work together to establish the legal framework for the transfer of the funds and unclaimed dividends to NELFUND.
NELFUND is the federal government’s interest free student loan scheme, which supports tuition and students upkeep.
