‘No One Can Reverse It’ — Tinubu Says All EFCC Recoveries Will Go Into NELFUND

President Bola Tinubu has declared that all funds recovered by the Economic and Financial Crimes Commission (EFCC) will be channelled into the Nigerian Education Loan Fund (NELFUND), insisting that the decision will not be reversed.

Tinubu made the announcement on Friday during the launch of Arise Palm Resort in Uyo, Akwa Ibom State, explaining that the policy was intended to reduce the financial burden of education on parents and expand access to higher education.

The President described education as a powerful tool for fighting poverty and creating opportunities for younger Nigerians.

He said his administration recognised the difficulties families face in paying tuition fees and was committed to ensuring that more Nigerians could pursue education regardless of their financial circumstances.

“From today on, as we are fighting corruption, any money recovered by EFCC will be dumped into that education programme. It will be. No one can reverse it,” Tinubu said.

The announcement reinforces an earlier directive issued by the President on August 19, instructing the EFCC to channel recovered funds into NELFUND.

Minister of Education Tunji Alausa disclosed the directive after a Federal Executive Council meeting, explaining that the arrangement was intended to strengthen the student loan scheme and expand its reach.

The council also approved the allocation of unclaimed dividends in the Capital Market Trust Fund and funds in the Dormant Account Trust Fund to support the programme.

EFCC Chairman Ola Olukoyede said in August that the Federal Government had allocated ₦100 billion from recovered funds to the student loan scheme since 2024.

NELFUND was established to provide financial assistance to eligible Nigerian students pursuing higher education. The scheme is designed to help students cover tuition and other approved educational expenses, with repayment subject to its terms and conditions.

The Federal Government says channelling recovered funds into education will allow proceeds from anti-corruption efforts to support human capital development.

Tinubu maintained that the policy would remain in place as his administration continues efforts to widen educational opportunities and reduce poverty.