‘No One Can Reverse It’ — Tinubu Reaffirms EFCC Recoveries Will Fund NELFUND

• President Bola Tinubu has reaffirmed his commitment to funding NELFUND with money recovered by the EFCC, saying the arrangement will ease education costs for Nigerian families.

President Bola Tinubu has reaffirmed his administration’s commitment to directing money recovered by the Economic and Financial Crimes Commission into the Nigerian Education Loan Fund, NELFUND.

Speaking on Friday, November 6, at the launch of Arise Palm Resort in Uyo, Akwa Ibom State, the president said the funding arrangement would help reduce the burden of tuition fees on parents and expand access to education.

Tinubu linked the decision to his administration’s efforts to tackle poverty through education, saying Nigerians should have opportunities to study regardless of their financial circumstances.

“No one can reverse it,” he said, emphasising his commitment to using recovered funds to support the education programme.

The president’s remarks reaffirm an earlier directive announced in August. At the time, Minister of Education Tunji Alausa disclosed that recovered funds would be used to strengthen the student loan scheme.

The earlier announcement also outlined plans to channel money from unclaimed dividends and dormant-account trust funds into NELFUND. Relevant government agencies were tasked with developing the framework for the transfers, including reviewing the legal requirements governing the funds.

Government explanations of the arrangement specify cleared and unencumbered recovered funds—a distinction that matters because money recovered during an investigation may still be subject to legal proceedings or competing claims.

The funding policy is intended to strengthen NELFUND’s long-term financial sustainability and enable more eligible students to access support for tertiary education.

EFCC Chairman Ola Olukoyede previously said the Federal Government had allocated ₦100 billion from the commission’s recoveries to NELFUND since 2024. He described the use of recovered proceeds for education as a way of turning anti-corruption enforcement into productive social investment.

NELFUND was established in 2024 following the enactment of the Student Loans (Access to Higher Education) Act to provide interest-free loans to eligible students in tertiary institutions.