The Economic and Financial Crimes Commission (EFCC) said the money given to Nigerian students as loans under the Nigerian Education Loan Fund (nelfund) partly comes from the N50 billion it recovered from fraudsters.
The anti-graft agency disclosed this in its 2024 statistical report released yesterday.
Recall that NELFUND had in August confirmed the receipt of N50 billion, recovered by EFCC as proceeds from criminal activities to finance student loan scheme.
The release of the fund followed a directive by President Bola Tinubu in his speech on August 4, 2024, instructing the EFCC to transfer the recovered funds to NELFUND in order to further strengthen the students’ loan programme.
In its report, the EFCC said its activities in 2024 were the greatest achievements, especially its largest single-year asset recovery since its establishment in 2003.
The statistics indicated that the N50 billion granted to NELFUND by the federal government was sourced from the monetary recoveries of the EFCC.
“This initiative enables students to complete their degrees, contribute meaningfully to the Nigerian workforce, and ensures that recovered funds directly benefit Nigerians.
“By providing student loans, the EFCC is not only supporting education but also empowering young Nigerians to become productive members of society.
“This move reflects the commission’s commitment to promoting sustainable growth and development in Nigeria,” the report said.
The anti-graft agency attributed its success to the dedication of its officers and the enabling environment provided by the management and stakeholders.
