The Federal Executive Council (FEC) has directed that looted funds recovered by the Economic and Financial Crimes Commission (EFCC) be handed over to the Nigerian Education Loan Fund (NELFUND) to strengthen its financing operations.

Addressing State House correspondents after the Federal Executive Council meeting on Wednesday in Abuja, the Minister of Education, Dr Tunji Alausa, said FEC also directed that funds in the Unclaimed Dividends Trust Fund and the Dormant Accounts Trust Fund be mobilised for NELFUND.

The minister, however, said the move is subject to compliance with the laws establishing the two funds.

Alausa, who described the decisions as a major boost for education and Nigerian students, added that the directive concerning EFCC recoveries applies strictly to funds that have been legally recovered and are no longer subject to any litigation.

The minister added that the President has also directed the Attorney-General of the Federation and Minister of Justice, the Minister of Finance, the Ministry of Education, the Debt Management Office and other relevant agencies to work together and come up with the legal framework for transferring the funds.

The Attorney-General, he added, 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,” the minister said.

While answering questions, Alausa explained that the government would also 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.

“Every single fund that is still subject to a legal challenge will not be part of the money that will be transferred to NELFUND,” he said.

According to him, the decision is intended to put NELFUND on a sustainable financial footing as demand for the student loan scheme continues to expand.

Alausa said more than 1.2 million Nigerian students are currently benefiting from NELFUND, and that the Fund has disbursed more than N93 billion as upkeep allowances to students in federal and state-owned public institutions.

N155bn approved for National Library

Meanwhile, the FEC also approved an augmentation of about N118.31 billion for the completion of the abandoned National Library of Nigeria headquarters complex in Abuja, as well as about N37 billion for its furnishing.

Alausa said the National Library project, which commenced on April 29, 2006 and was originally scheduled for completion within two years, had remained abandoned since work stopped in October 2008.

He said President Tinubu had directed the ministry to mobilise resources to revive the project, including funding sourced through the Tertiary Education Trust Fund (TETFund).

The minister also acknowledged the 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.

He said construction would resume within the next few months.

Alausa said FEC also approved the establishment of the Nigerian Academy for the Gifted and Talented, which would emerge from the transformation of the existing Suleja Academy.