NELFUND: Tinubu approves recovered funds, unclaimed dividends for student loans

President Bola Tinubu has directed that money recovered by the Economic and Financial Crimes Commission (EFCC) be transferred to the Nigerian Education Loan Fund (NELFund) to help sustain the student loan scheme.

The Minister of Education, Dr Maruf Tunji Alausa, disclosed this on Wednesday while briefing State House correspondents after the Federal Executive Council (FEC) meeting in Abuja.

Alausa said Tinubu also secured FEC approval for unclaimed dividends in the Capital Market Trust Fund and the Dormant Account Trust Fund to be transferred to NELFund, subject to the necessary legal procedures.

He said the President directed the Minister of Finance, the Attorney General of the Federation, the Ministry of Education, the Debt Management Office and other relevant agencies to work out how the funds would be transferred.

According to the minister, the directive covers recovered cash and other liquid funds, but does not include properties seized by the EFCC.

He said the Attorney General would work with the EFCC chairman to review the laws guiding the relevant trust funds and determine how the recovered money could legally be transferred to NELFund.

Alausa said the move would give NELFund stronger financial support as more students continue to benefit from the loan scheme.

He disclosed that more than 1.2 million Nigerian students are currently benefiting from NELFund, while the agency has paid over N93 billion in stipends to students in public tertiary institutions.

NELFund has also disbursed more than N250 billion in institutional fees to public tertiary institutions owned by both the federal and state governments.

Alausa said the student loan scheme was part of Tinubu’s campaign promise, recalling that the President had promised to ensure the passage and implementation of the student loan law within six months of taking office.

The minister also announced that FEC approved the transformation of the existing Suleja Academy into an autonomous Nigeria Academy for Gifted and Talented Children.

He said the academy was originally established to identify and develop gifted Nigerian children but had not been operating according to its original purpose.

Under the new arrangement, the academy will have its own board and governing council. Its funding will come from government appropriations, endowments and donations.

Alausa said the Federal Government would also prepare an executive bill to give legal backing to the academy.

The minister further announced FEC approval for additional funding for the completion of the National Library of Nigeria Headquarters Building Complex in Abuja.

He said construction of the project began on April 29, 2006, with a two year completion target, but work stopped in October 2008.

According to him, Tinubu directed the Ministry of Education to find funding to restart the project, with support from the Tertiary Education Trust Fund (TETFund).

Alausa also said First Lady, Senator Oluremi Tinubu, helped raise about N25 billion for the project after directing that gifts received during her birthday celebration be used for the completion of the National Library.

He expressed optimism that construction work on the project would resume within the next few months.

FEC also approved the implementation of an Entrepreneurship, Innovation and Business Incubation Certification Programme in 14 federal universities.

Alausa said the programme would give students skills in entrepreneurship, innovation, business development and digital learning. It will also provide certification, mentorship and business incubation support.

He said the programme had already been tested at the University of Lagos and was designed to help students become job creators and innovators rather than only job seekers.

The 14 universities are Ahmadu Bello University, Zaria; Bayero University, Kano; Nnamdi Azikiwe University, Awka; Obafemi Awolowo University, Ile Ife; 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 University of Uyo.

Alausa said the Federal Government plans to extend the programme to more tertiary institutions after the initial implementation in the 14 universities.

He said the initiatives were part of the administration’s plan to make education a key part of Nigeria’s economic development and equip young Nigerians with skills and opportunities to contribute to the country’s growth.
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