President Bola Tinubu has declared that all money recovered by the EFCC will go into the Nigerian Education Loan Fund (NELFUND).
The president insisted that nobody would reverse the decision, describing education as a powerful weapon against poverty.
Tinubu made the announcement at the launch of Arise Palm Resort in Uyo, Akwa Ibom state, renewing discussions about funding the student loan scheme.
Tinubu explains why EFCC recovered money will fund education
President Bola Tinubu has reiterated his administration’s decision to channel all funds recovered by the Economic and Financial Crimes Commission (EFCC) into the Nigerian Education Loan Fund (NELFUND).
The president made the declaration on Friday, November 6, 2026, during the launch of Arise Palm Resort in Uyo, the Akwa Ibom state capital.
He explained that the move was aimed at reducing the financial pressure on parents and giving Nigerians equal opportunities to pursue education, regardless of their financial backgrounds.
Tinubu said his government recognised the difficulties families face in paying tuition fees and wanted to make education more accessible.
He also described education as an important tool for fighting poverty and creating opportunities for younger generations.
Emphasising that the decision would remain in place, the president said:
“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.”
How much has EFCC contributed to NELFUND?
Tinubu’s latest declaration follows an earlier directive issued on August 19, when he instructed the EFCC to channel all recovered funds into the student loan programme.
The Minister of Education, Tunji Alausa, announced the directive after a Federal Executive Council (FEC) meeting at the State House.
Alausa also disclosed that the council had approved the transfer of unclaimed dividends in the Capital Market Trust Fund and money in the Dormant Account Trust Fund to the student loan scheme.
According to the minister, the additional funding was expected to expand the programme and improve its operations.
EFCC chairman reveals amount recovered funds contributed
Meanwhile, EFCC chairman Ola Olukoyede disclosed on August 31 that the federal government had allocated N100 billion from funds recovered by the commission to the student loan scheme since 2024.
He made the disclosure during a press briefing in Abuja, where he discussed the commission’s achievements under his leadership.
Olukoyede explained that using proceeds from recovered criminal assets to support education and household credit would give anti-corruption efforts a wider purpose beyond punishing offenders.
The arrangement, he suggested, would allow money recovered from financial crimes to support productive activities and national development.
Meanwhile, Information Minister Mohammed Idris has assured Nigerians that President Bola Tinubu’s administration will deliver free, fair and credible elections in 2027.
The minister promised government support for INEC while maintaining that the electoral body would retain its constitutional independence.
Speaking at the TRT World Forum in Istanbul, Idris also addressed insecurity, press freedom and the dangers of fake news ahead of the elections.
The Federal Government has renewed its commitment to conducting free, fair and credible elections in Nigeria in 2027, assuring citizens and the international community that their votes will matter.
The Minister of Information and National Orientation, Mohammed Idris, gave the assurance during an interview with TRT World on the sidelines of the TRT World Forum 2026 in Istanbul, Türkiye, on Friday, November 6.
His comments come as political activities gradually build towards the 2027 general elections, with concerns surrounding electoral credibility, insecurity and the independence of the electoral commission.
Tinubu govt speaks on INEC, 2027 elections
Newsflashngr reported that Idris said the Tinubu administration would continue to support the Independent National Electoral Commission (INEC) in carrying out its constitutional responsibilities. Continue reading here.
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