President Bola Tinubu has directed that eligible cash recoveries by the Economic and Financial Crimes Commission, alongside about ₦242bn in unclaimed dividends, be channelled into the Nigerian Education Loan Fund to strengthen its long-term financing.
The Minister of Education, Dr Tunji Alausa, announced the decision on Wednesday after the Federal Executive Council meeting at the Presidential Villa in Abuja.
According to Alausa, the directive covers only liquid funds recovered by the EFCC. Seized properties and other non-liquid assets are excluded.
He also said funds involved in ongoing legal disputes would not be transferred. Only cleared and unencumbered funds legally available for use will qualify.
The government’s decision also covers unclaimed dividends held under the Capital Market Trust Fund and the Dormant Account Trust Fund. Alausa said the Attorney-General of the Federation, Lateef Fagbemi, will work with the Ministries of Finance and Education and the Debt Management Office to establish the legal framework for transferring the funds.
The move comes as NELFUND continues to expand its support for Nigerian students. Alausa said more than 1.2 million students are currently benefiting from the scheme, while over ₦93bn has been disbursed as student stipends and more than ₦250bn released to public tertiary institutions for institutional fees.
The minister said the latest funding arrangement is intended to ensure that NELFUND can meet its growing financial obligations as demand for student loans increases.
The figures on unclaimed dividends were attributed to the Securities and Exchange Commission. The amount has risen from about ₦158.4bn in 2019 to approximately ₦242bn, with outdated shareholder records, unresolved estate matters and missing bank account linkages among the factors contributing to the accumulation.
FEC approves ₦155bn for National Library
The Federal Executive Council also approved about ₦155bn to complete and furnish the National Library of Nigeria headquarters complex in Abuja.
The approval comprises approximately ₦118.31bn for construction works and about ₦37bn for furnishing.
The National Library project began on April 29, 2006, with an original completion deadline of February 2008. Construction stopped in October 2008.
Alausa said President Tinubu had directed the government to mobilise funds to restart the project, with resources also coming from the Tertiary Education Trust Fund. He said First Lady Oluremi Tinubu helped raise about ₦25bn through birthday donations towards the project.
The government expects construction to resume in the coming months.
14 universities to receive entrepreneurship programme
FEC also approved an Entrepreneurship, Innovation and Business Incubation Certification Programme for 14 federal universities.
The initiative will provide students with training in entrepreneurship, innovation, business incubation and enterprise development, alongside digital certification, mentorship and incubation support.
The participating universities are Ahmadu Bello University, Bayero University Kano, Nnamdi Azikiwe University, Obafemi Awolowo University, University of Abuja, University of Benin, University of Ibadan, University of Ilorin, University of Jos, University of Lagos, University of Maiduguri, University of Nigeria, Nsukka, University of Port Harcourt and Usmanu Danfodiyo University.
FEC also approved the establishment of the Academy for Gifted and Talented Children by granting the existing Suleja Academy autonomous status and providing for its own governing board and council.
The Federal Government said the Attorney-General would prepare an executive bill for transmission to the National Assembly.
