President Bola Ahmed Tinubu has directed that all liquid funds recovered by the Economic and Financial Crimes Commission (EFCC), as well as unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund, be channelled to the Nigerian Education Loan Fund (NELFUND).
The directive was disclosed on Wednesday by the Minister of Education, Dr Tunji Alausa, while briefing State House correspondents after the Federal Executive Council (FEC) meeting presided over by President Tinubu at the Presidential Villa, Abuja.
The meeting was the first FEC sitting since June 29.
Alausa clarified that the directive applies strictly to cash recoveries by the EFCC and does not include seized properties or other non-liquid assets.
“The President has now directed that all funds recovered by the Economic and Financial Crimes Commission be diverted to NELFUND to continue to support its funding,” the minister said.
He added that FEC had also approved the transfer of unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund to NELFUND to strengthen the fund’s financial capacity.
According to Alausa, the Attorney-General of the Federation, Lateef Fagbemi (SAN), is to work with the Ministries of Finance and Education and the Debt Management Office to determine the legal framework for transferring the funds.
He stressed that funds still subject to legal disputes would not be included.
“Every single fund that is still subject to a legal challenge will not be part of the money that will be transferred to NELFUND. The funds that will be transferred will be all cleared funds, unencumbered funds, looted funds that legally belong to Nigerians,” he said.
The minister said NELFUND had so far supported more than 1.2 million Nigerian students, disbursing over N93 billion in student stipends and more than N250 billion in institutional fees to public tertiary institutions across the country.
Alausa described the development as a major boost to the sustainability of the student loan scheme.
FEC Approves Entrepreneurship Programme for 14 Universities
The Federal Executive Council also approved the deployment of an Entrepreneurship, Innovation and Business Incubation Certification Programme across 14 federal universities.
The technology-driven programme is designed to equip students with skills in entrepreneurship, innovation, business incubation and enterprise development, alongside digital certification, mentorship and incubation support.
Alausa said the initiative had been tested at the University of Lagos, where it reportedly improved students’ capacity to develop businesses and pursue innovation.
The 14 universities selected for the initial phase 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.
The minister said the programme would commence this year, with plans to expand it to other tertiary institutions.
FEC Approves N155bn for National Library
The council also approved an augmentation of approximately N155 billion for the completion and furnishing of the National Library of Nigeria headquarters complex in Abuja.
The project was initiated on April 29, 2006, with an original completion period of two years, but construction was halted in October 2008.
Alausa said the approved augmentation comprises N118.309 billion for construction works and about N37 billion for furnishing the complex.
He disclosed that President Tinubu had directed the sourcing of funds to revive the abandoned project, while the First Lady, Senator Oluremi Tinubu, contributed to fundraising efforts through donations made towards her birthday.
According to the minister, about N25 billion was raised through the initiative, in addition to funding from the Tertiary Education Trust Fund (TETFund).
He said the government expects construction work to resume in the coming months.
FEC Approves Academy for Gifted and Talented Children
The council further approved the establishment of the Academy for Gifted and Talented Children, transforming the existing Suleja Academy into an autonomous institution with its own governing board and council.
Alausa explained that Suleja Academy was originally established to nurture gifted Nigerian children but had gradually operated as a conventional federal government college.
Under the new arrangement, the academy will receive funding through government appropriation, endowments and donations.
“We need to do this because we have to look for every single genius in this country, bring them in, nurture them, and let them help create the Nigeria of tomorrow,” the minister said.
He added that the Attorney-General of the Federation had been directed to prepare an executive bill for transmission to the National Assembly.
The series of approvals formed part of decisions reached at Wednesday’s FEC meeting as the Federal Government seeks to strengthen education financing, expand opportunities for students, revive abandoned educational infrastructure and develop specialised programmes for young Nigerians.