Society
EFCC Explains N50billion Given To NELFUND
will monitor the use of the funds to ensure accountability
The Economic and Financial Crimes Commission (EFCC) has explained the N50billion given to the NELFUND – insisting it is not a donation from the anti- corruption agency.
NELFUND is Nigerian Education Loan Fund created by the President Bola Tinubu administration to help students without means get education.
Explaing the N50billion NELFUND got from the EFCC, the agency in a statement it released on wednesday, August 14, 2024, wrote..
The Economic and Financial Crimes Commission, EFCC, wishes to clarify the reports in a section of the media today, August 14, 2024, purporting that the Commission donated N50billion to the Nigerian Education Loan Fund, NELFUND from its recovery account.
The said fund was not a donation by the Commission but part of the recovered proceeds of crime remitted to the government. President Bola Ahmed Tinubu in furtherance of his social intervention policy for the most vulnerable segments of the population, decided in his wisdom, to plough the money into funding the critically acclaimed students loan scheme.
It is not the place of the Commission to determine where the government commits recovered proceeds of crime. But the student’s loan scheme is a salutary innovation which has the potential to reduce youth involvement in criminality.
As the Commission’s Chairman, Ola Olukoyde disclosed during a courtesy visit to the Commission by the NELFUND’s Managing Director and Chief Executive Officer, Mr. Akintunde Sawyerr on August, 13, 2026, that the EFCC will monitor the use of the funds to ensure accountability and the realization of the objectives of the Scheme.
