FEC Directs EFCC to Transfer Recovered Funds to NELFUND for Student Loans

The Federal Executive Council has directed that legally recovered liquid funds held by the EFCC be transferred to the Nigerian Education Loan Fund to support the student loan programme. Education Minister Tunji Alausa said the directive applies only to cash that has been finally recovered and is no longer subject to litigation. Seized properties and funds still being disputed in court will not be transferred. The government says more than 1.2 million students currently benefit from NELFUND, with over ₦93 billion disbursed as upkeep allowances in federal and state-owned public institutions. Relevant agencies have been asked to develop the legal framework for the transfer. FEC also approved about ₦155 billion to complete and furnish the long-abandoned National Library headquarters in Abuja, and approved plans to convert the Suleja Academy into the Nigerian Academy for the Gifted and Talented.

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