FG Eyes Recovered Funds as NELFUND Beneficiaries Reach 1.2m
Edino Chubiyo Cornelius 
Minister of Education, Dr Maruf Tunji Alausa
ABUJA, Nigeria – The NELFUND student loan scheme could receive additional funding from recovered public assets and dormant financial accounts as the Federal Government seeks to strengthen the sustainability of the programme, which now supports more than 1.2 million Nigerian students.
Minister of Education, Dr Maruf Tunji Alausa, announces the proposal on Monday, saying President Bola Tinubu has directed that legally cleared assets recovered by the Economic and Financial Crimes Commission (EFCC) be considered as an additional funding source for the Nigerian Education Loan Fund (NELFUND).
The proposed funding arrangement also covers unclaimed dividends and dormant account trust funds, subject to full compliance with existing laws.
According to Alausa, only recovered funds that are free from litigation and other legal encumbrances will qualify for transfer into the student loan fund.
He says the Attorney-General of the Federation, alongside the Ministers of Finance and Education, will develop the legal and administrative framework required to implement the directive.
The minister explains that existing laws governing dormant accounts and unclaimed dividends will first be reviewed to determine whether legislative amendments are required before any funds can be transferred.
Alausa says more than 1.2 million students in tertiary institutions are currently benefiting from the scheme, while the fund had disbursed over ₦322 billion in institutional fees and upkeep allowances as of August 8.
He says the proposed funding sources will complement the existing 15 per cent allocation from the development levy, ensuring the programme remains financially sustainable.
According to the minister, the government’s objective is to ensure that financial hardship does not prevent qualified Nigerians from accessing higher education.
Established in 2024 following the signing of the Student Loans Access to Higher Education Act by President Tinubu, NELFUND provides interest-free loans to eligible students in public tertiary institutions across Nigeria.
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