President Bola Tinubu has ordered that recovered looted funds by the Economic and Financial Crimes Commission (EFCC) be diverted to the Nigerian Education Loan Fund (NELFUND).
The minister of education, Dr Tunji Alausa, said this after the Federal Executive Council (FEC) meeting held on Wednesday.
He noted that during the meeting the attorney-general of the federation was mandated to liaise with the education ministry for the legal framework.
Mr Alausa commended the president for his magnanimity and dedication to education, adding that monies still under litigation wouldn’t be utilised until the issues were legally settled.
He added, “The president, in his benevolence, has now directed that all funds recovered by the Economic and Financial Crimes Commission be diverted to NELFUND.”
“This was also approved by FEC: that all unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund should also be channelled to NELFUND, so that NELFUND will be financially buoyant to meet its growing obligations.”