The Economic and Financial Crimes Commission (EFCC) has refuted reports that it donated N50 billion to the Nigerian Education Loan Fund (NELFUND) from its recovery account.
In a recent statement by the Chairman Ola Olukoyde, the EFCC explained that the funds were part of recovered proceeds of crime remitted to the Federal Government, not a donation by the Commission as reported by some media outlets.
The Commission made this clarification in a statement to refute reports by some media platforms claiming that EFCC donated fifty billion naira to NELFUND from its recovery account.
The EFCC emphasized that it's not its responsibility to determine where the government channels recovered proceeds of crime. However, the Commission acknowledged that the Student's Loan Scheme is an innovative initiative with the potential to reduce youth involvement in criminality.
According to the Statement President Tinubu in continuance of his project on social intervention policy for the most vulnerable segments of the population, deemed it pertinent to channel the recovered funds into funding the critically acclaimed Students Loan Scheme.
''President Tinubu's administration has channeled the recovered funds into the Student's Loan Scheme as part of its social intervention policy for vulnerable populations. The EFCC will monitor the use of the funds to ensure accountability and achieve the Scheme's objectives.'' he Said
The EFCC boss revealed this during a courtesy visit by the NELFUND’s Managing Director and Chief Executive Officer, Akintunde Sawyerr on Tuesday adding that the Anti-graft Agency will monitor the use of the funds to ensure accountability and the realization of the objectives of the Scheme.
In a related development, NELFUND has approved 22 additional state-owned tertiary institutions for student loan applications, bringing the total number of approved institutions to 108. This move aligns with President Tinubu's flagship project in the education sector, aimed at increasing access to higher education for indigent or low-income Nigerians.
According to a statement posted on X, the clearance follows a review by the Student Verification System committee. This move is part of President Bola Tinubu's flagship project in the education sector, aimed at increasing access to higher education for indigent or low-income Nigerians.
