Abuja, Aug. 20, 2026 – The Federal Executive Council (FEC) has directed the Economic and Financial Crimes Commission (EFCC) to hand over recovered looted funds to the Nigerian Education Loan Fund (NELFUND).
Tunji Alausa, the Minister of Education, disclosed this on Wednesday while addressing State House correspondents on the outcome of the Federal Executive Council (FEC) meeting.
He said the FEC also directed that all funds in the Unclaimed Dividends Trust Fund and in the Dormant Accounts Trust Fund should be released to NELFUND.
The minister said FEC, however, said that these directives must be executed in compliance with extant laws, stressing that the directive concerning EFCC recoveries applies strictly to funds that have been legally recovered and are no longer subject to any litigation.
He said the president also directed the attorney-general of the federation and minister of justice, the minister of finance, the ministry of education, the debt management office and other relevant agencies to come up with the legal framework for transferring the funds.
The minister said the president also directed the attorney-general to work with the EFCC to identify which of the recovered funds that are legally available for transfer.
He commended the FEC for these decisions, which he said, would provide additional funding for NELFUND for on lending to students in tertiary institutions.
Alausa said that over N1.2 million students in tertiary institutions are already befitting from NELFUND.loans.
