FEC Okays Release of Recovered Looted Fund to Education Sector
The Federal Executive Council (FEC) has approved the release of funds recovered by the Economic and Financial Crimes Commission (EFCC) for investment in Nigeria’s education sector.
The Minister of Education, Dr Tunji Alausa, disclosed this on Wednesday while briefing journalists after the FEC meeting presided over by President Bola Ahmed Tinubu.
According to Alausa, the recovered funds will be channelled through the Nigerian Education Loan Fund (NELFUND) to support education financing and access.
He said the council had also directed the Attorney-General of the Federation and Minister of Justice to work with the Ministry of Education to develop the modalities and necessary legal framework for deploying the funds.
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The minister, while commending President Tinubu for his commitment to the education sector, clarified that funds currently subject to litigation would not be released until the relevant legal proceedings are concluded.
The development is expected to provide additional financing for government’s efforts to expand access to education and strengthen support for students through NELFUND.
The decision also underscores the Federal Government’s intention to redirect recovered proceeds of financial crimes towards public-sector development, particularly in the education sector.
However, the modalities for identifying eligible recovered funds, their transfer to NELFUND and the specific programmes to be financed are expected to be clarified through the legal and administrative framework being developed by the relevant ministries and agencies.
By PRNigeria
