President Bola Tinubu has directed that legally cleared funds recovered by the Economic and Financial Crimes Commission (EFCC), as well as unclaimed dividends and funds from dormant accounts, be channelled to the Nigerian Education Loan Fund (NELFUND) to strengthen funding for Nigerian students.
The Minister of Education, Dr Tunji Alausa, disclosed this while briefing State House correspondents after Wednesday’s Federal Executive Council (FEC) meeting at the presidential Villa , Abuja .
Alausa said the President directed that the recovered funds be transferred to NELFUND, stressing the importance the President attaches to education as a foundation for economic development.
According to the minister, the President believes that the education of Nigerian children “cannot wait” and is of utmost importance to him.
Alausa said the directive was part of efforts to ensure that NELFUND had the financial capacity to meet its growing obligations and continue supporting Nigerian students.
He, however, clarified that recovered EFCC funds that are still subject to legal challenges would not be transferred to NELFUND.
According to him, President Tinubu had directed the Attorney-General of the Federation to work with the Minister of Finance, the Minister of Education and the Minister of State for Education to examine the legalities surrounding 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,” Alausa said.
He explained that only cleared and unencumbered funds that had been legally recovered and belonged to Nigeria and Nigerians would be transferred.
The minister also said the government would examine the legal framework surrounding unclaimed dividends from the capital market and the Dormant Account Trust Fund to determine what could lawfully be deployed to NELFUND.
Alausa said more than 1.2 million Nigerian students were currently benefiting from NELFUND.
He disclosed that NELFUND had disbursed more than ₦93 billion as stipends to students across public institutions in the country, covering both federal and state institutions.
He added that more than ₦250 billion had also been disbursed as institutional fees to public institutions across the country.
The minister described the development as a major boost to education financing and said it demonstrated the President’s commitment to expanding access to education for Nigerian students.
He also said the President had promised during the campaign that within the first six months of his administration, he would ensure that the NELFUND bill was passed and implemented.
According to Alausa, the implementation of NELFUND represented a fulfilment of that promise.
The minister also disclosed that FEC approved a proposal to transform the Suleja Academy into an Academy for Gifted and Talented children.
He said the Suleja Academy was established many years ago to identify gifted children in Nigeria and nurture them to become innovators of the future, but had not functioned in the manner originally intended.
According to him, the academy had instead been operating as one of the federal colleges.
Alausa said the government would now transform the Suleja Academy into an autonomous academy with its own board and council.
He added that its sources of funding would be diversified to include appropriation, endowment and gifts to the academy.
“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,” he said.
Alausa said FEC had approved that the Attorney-General of the Federation prepare an executive bill for transmission to the National Assembly to give effect to the transformation.
Alausa also disclosed that FEC approved the augmentation of the existing contract for the completion of the construction of the National Library of Nigeria headquarters building complex in Abuja.
He said the exact amount approved for the construction augmentation was ₦118,309,441,000.
He added that about ₦27 billion would be required for the furnishing of the National Library.
According to the minister, construction of the National Library project commenced on April 29, 2006, with a two-year completion period that should have ended on February 28, 2008.
He said work stopped at the project in October 2008, leaving the national edifice abandoned for about 18 years.
Alausa said President Tinubu had directed the Ministry of Education to source funds for the completion of the project, including funds from the Tertiary Education Trust Fund.
He also said the First Lady had directed that gifts received during her last birthday celebration be channelled towards the completion of the National Library.
According to him, the initiative helped raise about ₦25 billion, which was combined with federal funds for the project.
Alausa said the Council’s approval of the contract augmentation would pave the way for the completion of the National Library, adding that the government hoped construction would resume in the coming months.
The minister further disclosed that FEC approved the deployment and implementation of an entrepreneurship, innovation and business incubation solution programme in selected Nigerian universities.
He described the programme as a technology-driven initiative designed to equip university students with entrepreneurship, innovation, business innovation and enterprise-development tools and skills.
The programme will also provide digital learning certification, mentorship and incubation support, he said.
According to Alausa, the initiative had been tested at the University of Lagos and had demonstrated its capacity to improve students’ ability to become job creators rather than only job seekers.
The programme will commence in 14 federal universities, with plans to expand it to other tertiary institutions.
The universities are Ahmadu Bello University, Zaria; Bayero University, Kano; Nnamdi Azikiwe University, Anambra State; Obafemi Awolowo University, Ile-Ife; University of Abuja; University of Benin, Edo State; University of Ibadan, Oyo State; University of Ilorin, Kwara State; 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 make students innovators and entrepreneurs and equip them with skills that would enable them to create businesses and contribute to economic development.
He said the various approvals demonstrated the administration’s commitment to strengthening education and expanding opportunities for Nigerian students.
The minister thanked President Tinubu for his support for the education sector and reaffirmed the ministry’s commitment to ensuring that every Nigerian child receives quality education comparable with standards anywhere in the world.
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