The EFCC has stated that more than ₦50 billion in monetary recoveries from fraudsters in 2024 will finance the Nigerian Education Loan Fund. Established by a recent act, NELFUND aims to alleviate financial barriers for students. The EFCC highlighted its successful asset recovery efforts, emphasizing the importance of education in national development.
The Economic and Financial Crimes Commission (EFCC) has revealed that over ₦50 billion in monetary recoveries from fraudsters in 2024 will be allocated to the Nigerian Education Loan Fund (NELFUND). This information is drawn from the EFCC’s 2024 statistical report, highlighting a significant financial initiative to facilitate access to higher education for Nigerians.
NELFUND, established under the Students Loans (Access to Higher Education) Act, 2024, was signed into law by President Bola Tinubu on April 3, 2024. This program aims to dismantle financial barriers for students pursuing higher education. The EFCC characterized its activities in 2024 as pivotal, marking the largest single-year asset recovery since its inception in 2003.
The report indicates that the ₦50 billion earmarked for NELFUND derives directly from the monetary recoveries made by the EFCC. The recoveries include diverse currencies such as N364.6 billion, $214.51 million, and various amounts in euros, dollars, and other international currencies.
Additionally, the EFCC noted the reinvestment of some monetary recoveries into government initiatives that yield substantial advantages for Nigerian citizens. By facilitating student loans, the EFCC supports educational pursuits while empowering young Nigerians to become integral members of society. This initiative underscores the EFCC’s commitment to fostering sustainable growth and development within Nigeria.
The agency attributes its success to the unwavering dedication of its personnel as well as the supportive environment established by both management and stakeholders. Furthermore, the report reaffirmed the EFCC’s ongoing dedication to enhancing the skills of its prosecutors and the judiciary. The commission also emphasized its resolve to collaborate with various agencies and international partners to fortify its asset recovery framework.
The Economic and Financial Crimes Commission has made significant strides in funding the Nigerian Education Loan Fund through over ₦50 billion recovered from fraud. This initiative not only facilitates access to higher education but also empowers the youth to contribute effectively to society. The commitment of the EFCC to enhance its operations and collaborate with international partners reflects a holistic approach to national development.
Original Source: nannews.ng
