We’re using money recovered to fund education loan – EFCC

The Economic and Financial Crimes Commission said the over N50 billion monetary recoveries from fraudsters in 2024 was a major part of the funds invested into the Nigerian Education Loan Fund.

The News Agency of Nigeria reports that this information was based on the EFCC’s 2024 statistical report, made available to journalists.

NAN reports 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 released to newsmen on Sunday 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: “Such monetary recoveries include N364.6 billion; $214. 51 million; 54,319 euro; 31,265 euro; CAD$2,990; and AUD $740.00.

“Others are CFA7,821,375, UAE Dirham 170, Riyals 5,115, W73,000, 105 Yen, GH¢225 and 50,000 Rands.”

According to the commission, some of the monetary recoveries have been reinvested by the Federal Government in initiatives that provide significant benefits to the Nigerian people.

It said: “This initiative enables students to complete their degrees, contribute meaningfully to the Nigerian workforce, and ensures that recovered funds directly benefit Nigerians.

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