Attending to State Home correspondents after the FEC meeting in Abuja, the Minister of Education, Dr Tunji Alausa, announced that the Council likewise authorised the mobilisation of eligible resources from the Unclaimed Dividends Trust Fund and the Dormant Accounts Trust Fund for NELFUND, subject to complete statutory compliance.
Strategic Inter-Agency Framework for Loan Sustainability
Dr Alausa clarified that the presidential regulation regarding EFCC recoveries applies solely to liquid money assets that have actually been legally surrendered to the Federal government and are no longer overloaded by active court lawsuits.
Seized physical residential or commercial properties and funds involved in ongoing legal disagreements will be excluded from the transfer.
To make sure a seamless transition, President Bola Ahmed Tinubu directed a multi-agency committee, comprising the Attorney-General of the Federation and Minister of Justice, the Minister of Finance, the Ministry of Education, the Debt Management Office (DMO), and the EFCC, to harmonise the required legal and functional structures.
Highlighting the scale of NELFUND’s current functional footprint:
FEC Approves 155bn to Restore Abandoned National Library Complex
In an associated executive decision, the FEC authorized an augmentation of 118.31 billion for the completion of the long-abandoned National Library of Nigeria head office complex in Abuja, together with roughly 37 billion committed to its interior furnishing.
Initially granted in April 2006 with a two-year conclusion timeline, building on the national edifice ground to a complete halt in October 2008.
Dr Alausa stated that building and construction work is scheduled to resume within the next couple of months, backed by devoted funding interventions from the Tertiary Education Trust Fund (TETFund) and roughly 25 billion raised through a birthday effort led by First Woman Senator Oluremi Tinubu.
Facility of the Nigerian Academy for the Gifted and Talented
The Council further approved the transformation of the existing Suleja Academy into the Nigerian Academy for the Gifted and Talented.
Under the new operational structure, the specialised organization will work as an autonomous entity governed by its own devoted board and council, with broader funding designs including federal budgetary appropriations, personal endowments, and humanitarian donations.
The Attorney-General of the Federation has been mandated to prepare an executive bill for transmission to the National Assembly to grant the academy full legal backing.