ABUJA — President Bola Tinubu has directed that legally cleared funds recovered by the Economic and Financial Crimes Commission (EFCC), as well as eligible unclaimed dividends and funds from dormant accounts, be channelled to the Nigerian Education Loan Fund (NELFUND) to strengthen financing for Nigerian students.

The Minister of Education, Tunji Alausa, disclosed this on Wednesday while briefing State House correspondents after the Federal Executive Council meeting at the Presidential Villa, Abuja.

Alausa said the directive reflected Tinubu’s emphasis on education as a critical foundation for Nigeria’s economic development.

According to the minister, the President believes that the education of Nigerian children “cannot wait” and remains a matter of utmost importance to his administration.

He said the move was aimed at ensuring that NELFUND had sufficient resources to meet its growing obligations and sustain support for students across the country.

Alausa, however, clarified that recovered EFCC funds still subject to legal disputes would not be transferred to NELFUND.

He said Tinubu had directed the Attorney-General of the Federation to work with the Ministers of Finance and Education, as well as the Minister of State for Education, to examine the legal status of the funds.

“Every single fund that is still subject to any legal challenge will not be part of the money that will be transferred to NELFUND,” the minister said.

He explained that only funds that had been legally recovered, cleared of encumbrances and established as belonging to Nigeria and Nigerians would qualify for transfer.

The government, he added, would also examine the legal framework governing unclaimed dividends in the capital market and funds held under the Dormant Account Trust Fund to determine what could lawfully be deployed to NELFUND.

NELFUND disburses over N343bn

Alausa disclosed that more than 1.2 million Nigerian students were currently benefiting from the education loan scheme.

He said NELFUND had disbursed more than N93 billion in stipends to students across public tertiary institutions nationwide.

The fund had also disbursed more than N250 billion in institutional fees to public institutions, bringing the total disclosed disbursements to over N343 billion.

The minister described the development as a major boost to education financing and said it demonstrated the administration’s commitment to expanding access to higher education.

Alausa also recalled that Tinubu had promised during the 2023 presidential campaign to ensure the passage and implementation of the NELFUND law within the first six months of his administration.

He said the implementation of the scheme represented the fulfilment of that commitment.

FEC approves Suleja Academy upgrade

The minister also disclosed that the Federal Executive Council approved the transformation of the Suleja Academy into an Academy for Gifted and Talented Children.

Alausa said the academy was originally established to identify gifted Nigerian children and nurture them into future innovators but had not operated according to its original mandate.

Instead, he said, the institution had been functioning as one of the country’s federal colleges.

Under the new arrangement, the Suleja Academy will become an autonomous institution with its own governing board and council.

Its funding sources will also be expanded to include government appropriation, endowments and gifts.

“We have to look for every single genius in this country and bring them in, nurture them, and let them create the Nigeria of tomorrow,” Alausa said.

He said the council had directed the Attorney-General of the Federation to prepare an executive bill for transmission to the National Assembly to provide the legal framework for the transformation.

N118.3bn approved for National Library project

The minister further disclosed that FEC approved an augmentation of the existing contract for the completion of the National Library of Nigeria headquarters building complex in Abuja.

The council approved N118.309 billion for the contract augmentation, while approximately N27 billion would be required to furnish the facility.

Alausa said construction of the National Library project began on April 29, 2006, with a scheduled completion date of February 28, 2008.

However, work stopped in October 2008, leaving the project abandoned for almost two decades.

He said Tinubu had directed the Ministry of Education to source funding for the project, including support from the Tertiary Education Trust Fund.

The minister also disclosed that the First Lady had directed that gifts received during her last birthday celebration be channelled towards the National Library project.

According to him, the initiative generated about N25 billion, which was combined with federal funding for the project.

Alausa said the latest approval would allow work to resume, adding that the government expected construction to recommence in the coming months.

FEC approves entrepreneurship programme for 14 universities

Alausa also announced FEC approval for the deployment of an entrepreneurship, innovation and business incubation programme in selected Nigerian universities.

He described the initiative as a technology-driven programme designed to equip students with practical skills in entrepreneurship, innovation and enterprise development.

The programme will provide digital learning and certification, mentorship and business incubation support.

According to the minister, the initiative was first tested at the University of Lagos, where it demonstrated the potential to improve students’ capacity to become job creators rather than solely job seekers.

The programme will initially be implemented in 14 federal universities, with plans for expansion to other tertiary institutions.

The beneficiary universities are:

• Ahmadu Bello University, Zaria;
• Bayero University, Kano;
• Nnamdi Azikiwe University, Awka;
• Obafemi Awolowo University, Ile-Ife;
• 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
• University of Adamawa.

Alausa said the initiative was designed to equip students with the knowledge and tools required to establish businesses, innovate and contribute to economic growth.

He said the various approvals reflected the administration’s broader efforts to strengthen the education sector and expand opportunities for Nigerian students.

The minister thanked President Tinubu for his support for the sector and reaffirmed the ministry’s commitment to ensuring that Nigerian children have access to quality education that meets global standards.