Economic and Financial Crimes Commission (EFCC) has stated that the N50 billion it gave to Nigerian Education Loan Fund (NELFUND) was not a donation from the commission.
It should be recalled that reports were around on Wednesday that EFCC donated N50 billion to NELFUND.
EFCC spokesman, Dele Oyewale in a statement released on Thursday, noted that the fund was not a donation but “part of the recovered proceeds of crime remitted to the government”.
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He said, “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 student 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, the EFCC will monitor the use of the funds to ensure accountability and the realization of the objectives of the Scheme.”
