• Alausa says only legally cleared monies to be transferred •FG to decriminalise attempted suicide, targets 15% reduction by 2030 Deji Elumoye in Abuja President Bola Tinubu yesterday directed that all legally cleared looted funds recovered by the Economic and Financial Crimes Commission (EFCC) should be channelled to the Nigerian Education Loan Fund (NELFUND) to further strengthen financing of tertiary education in the country. Education Minister, Dr Tunji Alausa, who disclosed this to newsmen at the end of the fourth meeting of the Federal Executive Council (FEC) in 2026 at the State House, Abuja, added that the President also directed that funds in the Unclaimed Dividends Trust Fund and the Dormant Accounts Trust Fund be mobilised for NELFUND, subject to compliance with the laws establishing the two funds. The minister, who described the President’s directives as a major boost for Nigerian students, clarified that the issue concerning EFCC recoveries applies strictly to liquid funds that have been legally recovered and are no longer subject to litigation. Alausa stated that the President further directed the Attorney General of the Federation and Minister of Justice, Minister of Finance, Ministry of Education, the Debt Management Office (DMO) and other relevant agencies to work out the legal and operational framework for transferring the affected funds. According to him, the Attorney General would also work with the EFCC Chairman to identify recovered funds that are legally available for transfer. “The President was very clear, not seized properties, all recovered looted funds, liquid funds, recovered by the EFCC will now be transferred to NELFUND,” he clarified. He explained that government would similarly examine the existing legislation governing the Unclaimed Dividends Trust Fund and Dormant Accounts Trust Fund to determine the appropriate legal steps required to make the resources available to NELFUND. Alausa added that the President was specific that only funds free of legal issues would be affected by the directive. He stressed: “Every single fund that is still subject to a legal challenge will not be part of the money that will be transferred to NELFUND. The funds that will be transferred will be all cleared funds, unencumbered funds that were looted, funds that legally belonged to Nigeria, to Nigerians”. The minister said the President considered education one of the most productive uses to which recovered public funds could be put, especially as the administration seeks to build the human capital required to drive its ambition of growing Nigeria into a $1 trillion economy. The decision, he said, is aimed at putting NELFUND on a sustainable financial footing as demand for the student loan scheme continues to expand. Alausa explained that more than 1.2 million Nigerian students are currently benefiting from NELFUND, adding that the Fund has disbursed more than N93 billion as upkeep allowances to students in federal and state-owned public institutions. The minister said more than N250 billion had also been disbursed as institutional fees to public tertiary institutions across the country. “The education of our children cannot wait; it is of utmost importance to him (President), and he will do anything and everything to protect the future of every single Nigerian child, every single Nigerian student,” the minister stated. Alausa described the student loan programme as a fulfilment of one of President’s campaign promises to broaden access to tertiary education irrespective of students’ financial backgrounds. FEC also approved an augmentation of about N118.31 billion for the completion of the long-abandoned National Library of Nigeria headquarters complex in Abuja, as well as about N37 billion for its furnishing. Alausa said the National Library project, started on April 29, 2006 and originally scheduled for completion within two years, had remained abandoned since work stopped in October 2008. The President, he explained, had directed the ministry to mobilise resources to revive the project, including funding sourced through the Tertiary Education Trust Fund (TETFund). Alausa also acknowledged contribution of First Lady Senator Oluremi Tinubu, who had requested that gifts for her birthday be directed towards completion of the National Library. According to him, the initiative raised about N25 billion towards the project. “The council today approved the augmentation of existing contract for the completion of the construction of National Library of Nigeria headquarters building complex in Abuja”, he said, adding that the government hoped construction would resume within the next few months. Alausa said FEC also approved the establishment
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