President Bola Tinubu has approved a sweeping new financing push for Nigeria’s education sector, directing cleared cash recovered by the EFCC and unclaimed dividends into NELFUND, while committing N155bn to complete the long-abandoned National Library project.
The Federal Executive Council (FEC) on Wednesday approved a series of measures designed to strengthen education financing, expand student support and equip Nigerian universities with entrepreneurship and innovation skills.
At the centre of the decisions is the Nigerian Education Loan Fund (NELFUND), which has been directed to receive all eligible liquid funds recovered by the Economic and Financial Crimes Commission (EFCC), alongside unclaimed dividends held under the Capital Market Trust Fund and Dormant Account Trust Fund.
N242bn unclaimed dividends to support student financing
Minister of Education, Dr Tunji Alausa, who disclosed the decisions after the FEC meeting at the Presidential Villa, Abuja, said the directive is aimed at ensuring that NELFUND remains financially sustainable as demand for student loans continues to grow.
Nigeria’s unclaimed dividends are estimated at about N242bn, according to the Securities and Exchange Commission.
However, the minister stressed that the EFCC directive applies only to liquid, cleared and legally transferable funds.
Seized properties, non-liquid assets and funds still subject to legal disputes will not be transferred.
Alausa said the Attorney-General of the Federation, Lateef Fagbemi, SAN, would work with the Ministries of Finance and Education, as well as the Debt Management Office, to establish the legal framework for transferring the unclaimed dividend funds.
NELFUND reaches more than 1.2 million students
The government said the financing expansion comes as NELFUND’s reach continues to grow.
According to Alausa, more than 1.2 million Nigerian students are currently benefiting from the fund.
NELFUND has also disbursed more than N93bn in student stipends and over N250bn in institutional fees to public tertiary institutions across the country.
The latest directive is therefore positioned by the government as a long-term financing mechanism rather than a one-off intervention.
N155bn approved to revive National Library
In another major education investment, FEC approved about N155bn to complete the headquarters complex of the National Library of Nigeria in Abuja.
The project, initiated in 2006 with an original completion date of February 2008, was halted in October 2008 and has remained incomplete for about 18 years.
The approved augmentation comprises approximately N118.309bn for construction and about N37bn for furnishing.
The funding package includes resources from the Tertiary Education Trust Fund (TETFund), as well as about N25bn raised through donations following First Lady Senator Oluremi Tinubu’s appeal for contributions towards the project.
The government expects construction to resume within the coming months.
14 universities to launch entrepreneurship programme
FEC also approved an Entrepreneurship, Innovation and Business Incubation Certification Programme for 14 federal universities.
The technology-driven programme will provide students with training in entrepreneurship, innovation, business incubation and enterprise development, alongside digital certification, mentorship and incubation support.
The participating institutions are:
– Ahmadu Bello University
– Bayero University Kano
– Nnamdi Azikiwe University
– Obafemi Awolowo University
– 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
– Usmanu Danfodiyo University
The initiative, according to the minister, has already been tested at the University of Lagos and is intended to shift students from being primarily job seekers to job creators, innovators and entrepreneurs.
New academy for Nigeria’s brightest children
The Council further approved the establishment of the Academy for Gifted and Talented Children, transforming the existing Suleja Academy into an autonomous institution with its own governing board and council.
The academy is expected to draw funding from government appropriations, endowments and private donations.
Alausa said the initiative is designed to identify and nurture exceptionally talented Nigerian children who could contribute to the country’s future development.
The Attorney-General has been directed to prepare an executive bill for transmission to the National Assembly.
A broader education financing strategy
Taken together, the decisions represent a broader attempt by the Tinubu administration to tackle education financing from several fronts: student loans, institutional funding, infrastructure, entrepreneurship and talent development.
With NELFUND positioned to receive additional eligible public funds, N155bn committed to the National Library and 14 universities selected for a new entrepreneurship programme, the government is betting on a combination of financial support and skills development to reshape Nigeria’s education landscape.
