The Federal Executive Council (FEC) has approved that monies seized by the Economic and Financial Crimes Commission (EFCC) be released to the Education sector.
The Minister of Education, Dr Tunji Alausa, who stated this after the Federal Executive Council meeting on Wednesday, said the monies will be channelled through the Nigerian Education Loan Fund (NELFUND).
The Minister added that FEC also mandated the Attorney-General of the Federation to liaise with the Education ministry for the modalities and necessary legal framework.
While commending President Tinubu for his “magnanimity and dedication” to education, the minister monies under litigation would not be touched until the issues are legally settled.
“The president, in his benevolence, has now directed that all funds recovered by the Economic and Financial Crimes Commission be diverted to NELFUND.”
“This was also approved by FEC: that all unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund should also be channelled to NELFUND, so that NELFUND will be financially buoyant to meet its growing obligations.”
