August 15, 2024 – The Economic and Financial Crimes Commission (EFCC) has clarified that the N50 billion allocated to the Nigerian Education Loan Fund (NELFUND) was not a donation from the Commission but part of the government’s recovered proceeds of crime.*
In a statement released by EFCC spokesperson Dele Oyewale, the agency explained that the funds, which were recovered from criminal activities, were remitted to the government and subsequently allocated to NELFUND as part of President Bola Tinubu’s social intervention strategy. The President’s decision to channel the money into the student loan scheme aligns with his policy to support vulnerable populations.
The EFCC emphasized that while it does not influence how the recovered funds are used, it will oversee the application of the money to ensure transparency and that the objectives of the student loan scheme are met.
The statement read: “The N50 billion allocated to NELFUND was not a donation by the EFCC but was part of the recovered proceeds of crime remitted to the government. President Tinubu allocated these funds to NELFUND to support the student loan scheme, which aims to aid vulnerable groups.”
The EFCC also noted that the allocation of the funds to NELFUND is seen as a positive development, potentially reducing youth involvement in crime by providing educational support. The Commission plans to monitor the utilization of these funds to ensure they are used effectively.
*
