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Monetary recoveries funding Nigeria’s education loan —EFCC

Tribune Online
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THE Economic and Financial Crimes Commission (EFCC) says the over N50 billion monetary recoveries from fraudsters in 2024 are part of the funds invested into the Nigerian Education Loan Fund (NELFUND).

The News Agency of Nigeria (NAN) reported that this information is based on the EFCC’s 2024 statistical report, made available to journalists on Sunday.

NAN reported that NELFUND was established by the Students Loans (Access to Higher Education) Act, 2024, signed into law by President Bola Tinubu on April 3, 2024.

The initiative is a programme established by the Federal Government of Nigeria to break financial barriers in higher education.

The anti-graft agency in its report described its activities in 2024 as its 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.

It said, “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 added.

The anti-graft agency attributed its success to the dedication of its officers and the enabling environment provided by the management and stakeholders.

The report also reaffirmed EFCC’s commitment to enhancing the knowledge and capacity of its prosecutors and the judiciary.

The EFCC further reiterated its commitment to collaborating with various agencies and international partners to strengthen and enhance its asset recovery framework.

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