…as FEC approves transfer of unclaimed dividends, N25bn support for National Library

President Bola Tinubu has directed that all liquid funds recovered by the Economic and Financial Crimes Commission (EFCC) be channelled to the Nigerian Education Loan Fund (NELFund) to strengthen the financing of student loans and ensure the sustainability of the scheme.

The Minister of Education, Dr. Maruf Tunji Alausa, disclosed this on Wednesday while briefing State House correspondents on the outcome of the Federal Executive Council (FEC) meeting in Abuja.

According to Alausa, the President also secured FEC approval for unclaimed dividends in the Capital Market Trust Fund and the Dormant Account Trust Fund to be channelled to NELFund, subject to the necessary legal processes.

He said Tinubu directed the Ministers of Finance and the Attorney-General of the Federation, in collaboration with the Ministry of Education, the Debt Management Office and other relevant agencies, to work out the modalities for transferring the funds.

“The education of our children cannot wait. It is of utmost importance to him, and he will do anything and everything to protect the future of every single Nigerian child, every single Nigerian student,” the minister quoted the President as saying.

Alausa clarified that the directive applies to recovered liquid funds and not seized properties.

He said the Attorney-General would work with the EFCC chairman to review the legal framework governing the relevant trust funds and determine how the recovered monies could be lawfully transferred to NELFund.

The minister said the development would place NELFund on a stronger financial footing as its obligations continue to expand.

He disclosed that more than 1.2 million Nigerian students are currently benefiting from NELFund, while the agency has disbursed over N93 billion in stipends to students in public tertiary institutions across the country.

NELFund, he added, had also disbursed more than N250 billion in institutional fees to public tertiary institutions at both federal and state levels.

Alausa described the development as a fulfilment of one of Tinubu’s campaign promises, recalling that the President had pledged to ensure the passage and implementation of the student loan legislation within six months of assuming office.

The minister also disclosed that FEC approved the transformation of the existing Suleja Academy into an autonomous Nigeria Academy for Gifted and Talented Children.

He said the institution, originally established to identify and nurture gifted Nigerian children, had not been operating in line with its original mandate.

Under the new arrangement, he said, the academy would have its own board and governing council, while its funding sources would be broadened to include appropriations, endowments and donations.

“We have to look for every single genius in this country, bring them in, nurture them and let them help create the Nigeria of tomorrow,” Alausa said.

He added that the Council approved the preparation of an executive bill by the Attorney-General for transmission to the National Assembly to give legal backing to the new academy.

The minister further announced FEC approval for the augmentation of the existing contract for the completion of the National Library of Nigeria Headquarters Building Complex in Abuja.

He said the project, which commenced on April 29, 2006, was originally scheduled for completion within two years but was abandoned after work stopped in October 2008.

Alausa said President Tinubu had directed the ministry to source funding to revive the project, with support from the Tertiary Education Trust Fund (TETFund).

He also credited First Lady, Senator Oluremi Tinubu, with raising about N25 billion after directing that gifts received during her birthday celebration be channelled towards completion of the National Library.

“With the money we’ve sourced from TETFund, the Council today approved the augmentation of the existing contract for the completion of the construction of the National Library of Nigeria Headquarters Building Complex in Abuja,” he said.

The minister expressed optimism that construction would resume within the next few months.

Alausa said FEC also approved the deployment and implementation of an Entrepreneurship, Innovation and Business Incubation Certification Programme in 14 federal universities.

He described the initiative as a technology-driven programme designed to equip students with entrepreneurship, innovation, business incubation and enterprise development skills, alongside digital learning, certification, mentorship and incubation support.

According to him, the programme, which has been tested at the University of Lagos, is designed to help transform students from job seekers into job creators and innovators.

The 14 universities are Ahmadu Bello University, Zaria; Bayero University, Kano; Nnamdi Azikiwe University, Awka; Obafemi Awolowo University, Ile-Ife; University of Abuja; University of Benin; University of Ibadan; University of Ilorin; University of Jos; University of Lagos; University of Maiduguri; University of Nigeria, Nsukka; University of Port Harcourt; and University of Uyo.

Alausa said the Federal Government plans to expand the programme to other tertiary institutions after its initial implementation in the selected universities.

He said the initiatives reflected the administration’s determination to position education at the centre of its economic transformation agenda and provide Nigerian youths with the skills and opportunities required to contribute to the country’s development.