President Bola Tinubu has given a directive that money recovered by the Economic and Financial Crimes Commission be transferred to the Nigerian Education Loan Fund to help sustain the student loan scheme. This move aims to provide stronger financial support to students benefiting from the loan. The Minister of Education, Dr. Maruf Tunji Alausa, disclosed this information while briefing State House correspondents after the Federal Executive Council meeting in Abuja.
The funds to be transferred include recovered cash and other liquid funds, but do not include properties seized by the EFCC. The Attorney General of the Federation will work with the EFCC chairman to review the laws guiding the relevant trust funds and determine how the recovered money can be legally transferred to the Nigerian Education Loan Fund. This process will involve collaboration between the Ministry of Finance, the Attorney General of the Federation, the Ministry of Education, the Debt Management Office, and other relevant agencies.
In addition to the recovered funds, Tinubu has also secured FEC approval for unclaimed dividends in the Capital Market Trust Fund and the Dormant Account Trust Fund to be transferred to the Nigerian Education Loan Fund, subject to the necessary legal procedures. This will provide additional financial support to the student loan scheme, which has already disbursed over N250 billion in institutional fees to public tertiary institutions.
The student loan scheme, which is part of Tinubu's campaign promise, has so far benefited over 1.2 million Nigerian students, with over N93 billion paid in stipends to students in public tertiary institutions. The scheme aims to provide financial assistance to students in need, enabling them to access tertiary education. The Minister of Education expressed optimism that the new funding sources will enhance the sustainability of the scheme.
The Federal Executive Council has also approved the transformation of the existing Suleja Academy into an autonomous Nigeria Academy for Gifted and Talented Children. The academy, originally established to identify and develop gifted Nigerian children, had not been operating according to its original purpose. Under the new arrangement, the academy will have its own board and governing council, with funding from government appropriations, endowments, and donations.
Furthermore, the FEC has approved additional funding for the completion of the National Library of Nigeria Headquarters Building Complex in Abuja. Construction of the project began in 2006 but stopped in 2008. Tinubu has directed the Ministry of Education to find funding to restart the project, with support from the Tertiary Education Trust Fund. The First Lady, Senator Oluremi Tinubu, also helped raise about N25 billion for the project.
The Federal Government has also approved the implementation of an Entrepreneurship, Innovation and Business Incubation Certification Programme in 14 federal universities. The programme aims to equip students with skills in entrepreneurship, innovation, business development, and digital learning, providing certification, mentorship, and business incubation support. The programme has already been tested at the University of Lagos and will be extended to more tertiary institutions after the initial implementation in the 14 universities.
Key points
- President Tinubu has directed that recovered funds be transferred to the Nigerian Education Loan Fund to sustain the student loan scheme.
- The student loan scheme has benefited over 1.2 million Nigerian students, with over N250 billion disbursed in institutional fees.
- The Federal Government has approved the implementation of an Entrepreneurship, Innovation and Business Incubation Certification Programme in 14 federal universities.
