FEC approves EFCC recoveries for education sector
The Federal Executive Council (FEC) has approved the use of funds recovered by the Economic and Financial Crimes Commission (EFCC) to support the education sector.
The Minister of Education, Tunji Alausa, announced this after the FEC meeting on Wednesday.
He said the funds would be channelled through the Nigerian Education Loan Fund (NELFUND).
Alausa said FEC had also directed the Attorney-General of the Federation to work with the Ministry of Education to develop the necessary legal framework for the arrangement.
He thanked President Bola Tinubu for his support for the education sector, saying funds involved in ongoing court cases would not be touched until the legal issues were resolved.
“The President, in his benevolence, has now directed that all funds recovered by the Economic and Financial Crimes Commission be diverted to NELFUND,” he said.
The minister added that FEC also approved the transfer of unclaimed dividends from the Capital Market Trust Fund and the Dormant Account Trust Fund to NELFUND.
He said the move would strengthen NELFUND’s finances and enable it to meet its growing obligations.
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