Tinubu orders recovered loot, dormant funds to be transferred to NELFUND
By Mohammed Ismail
President Bola Ahmed Tinubu has directed that all recovered looted funds that are legally free of litigation be channelled into the Nigerian Education Loan Fund (NELFUND), in a move the Federal Government said would strengthen the sustainability of student financing in Nigeria.
The directive was disclosed by the Minister of Education, Dr Tunji Alausa, after the fourth meeting of the Federal Executive Council (FEC) in 2026, held at the State House, Abuja.
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Alausa said the President also directed relevant authorities to explore the possibility of mobilising resources from the Unclaimed Dividends Trust Fund and Dormant Accounts Trust Fund for NELFUND, subject to the laws governing the funds.
He, however, stressed that the directive did not cover properties seized by the Economic and Financial Crimes Commission (EFCC) or funds still tied up in litigation.
According to the minister, only liquid assets that have been finally recovered, legally cleared and established as belonging to the Nigerian state would qualify for transfer.
“The President was very clear, not seized properties, all recovered looted funds, liquid funds, recovered by the EFCC will now be transferred to NELFUND,” Alausa said.
He explained that the Attorney-General of the Federation and Minister of Justice, Minister of Finance, Ministry of Education, Debt Management Office and other relevant agencies had been directed to develop the legal and operational framework for implementing the decision.
The minister said the Attorney-General would work with the EFCC chairman to identify funds that had become legally available for transfer.
Alausa said the decision reflected the administration’s belief that recovered public resources should be redirected into productive investments, particularly education and human-capital development.
He disclosed that more than 1.2 million students were currently benefiting from NELFUND, with over N93 billion already disbursed as student upkeep allowances and more than N250 billion released to public tertiary institutions as institutional fees.
“The education of our children cannot wait,” he said, stressing that strengthening NELFUND was essential to widening access to tertiary education irrespective of students’ financial circumstances.
FEC also approved approximately N118.31 billion in additional funding for the completion of the long-delayed National Library of Nigeria headquarters complex in Abuja, alongside about N37 billion for furnishing the facility.
Alausa said construction of the project began on April 29, 2006, with an initial completion timeline of two years, but work was halted in October 2008.
He said President Tinubu had directed the ministry to mobilise resources to revive the project, including funding support from the Tertiary Education Trust Fund (TETFund).
The minister also acknowledged the contribution of First Lady Oluremi Tinubu, whose appeal for birthday gifts to be redirected towards the project reportedly generated about N25 billion.
He said government expected construction work to resume within the coming months.
Council also approved the establishment of the Nigerian Academy for the Gifted and Talented through the transformation of the existing Suleja Academy.
Alausa explained that the academy was originally established to identify and nurture exceptionally gifted Nigerian children but had gradually operated like a conventional federal secondary school.
