EFCC Allocates ₦50 Billion in Monetary Recoveries to Nigeria’s Education Loan Fund
The EFCC reported that over ₦50 billion recovered from fraudsters in 2024 is being utilized to fund the Nigerian Education Loan Fund, established to remove financial barriers to higher education. This effort aims to support students and enhance societal contributions by graduates, reflecting the commission’s commitment to national development and sustainable growth.
The Economic and Financial Crimes Commission (EFCC) has announced that over ₦50 billion in monetary recoveries from fraudulent activities in 2024 has been allocated to the Nigerian Education Loan Fund (NELFUND). This information comes from the EFCC’s statistical report for 2024. NELFUND, established through the Students Loans (Access to Higher Education) Act, 2024, aims to eliminate financial obstacles to higher education.
The report highlights that the EFCC’s activities in 2024 represent a significant achievement, marking its largest single-year asset recovery since its establishment in 2003. The ₦50 billion granted to NELFUND was derived from the EFCC’s monetary recoveries, which include various currencies such as N364.6 billion, $214.51 million, and €54,319, among others.
The commission stated that these monetary recoveries have been reinvested by the federal government in programs that yield considerable advantages for Nigerian citizens. The EFCC emphasized that this initiative facilitates student access to degree completion, enabling graduates to contribute positively to the workforce and ensuring that recovered funds are reinvested back into the society.
The EFCC indicated that its commitment to education empowerment reflects a broader effort to foster sustainable growth and development in Nigeria. The report also acknowledged the dedication of EFCC officers and the supportive environment created by management and stakeholders. Furthermore, the EFCC reiterated its intention to enhance the proficiency of its prosecutors and the judiciary while collaborating with various local and international partners to strengthen its asset recovery strategies.
In conclusion, the EFCC’s recovery of over ₦50 billion from fraud is being strategically utilized to support the Nigerian Education Loan Fund, enabling increased access to higher education. This initiative underscores the importance of reinvesting recovered funds for societal benefit, thereby fostering economic growth and development. The EFCC’s collaborative efforts with stakeholders and commitment to improving institutional capacity further highlight its focus on sustainable progress.
Original Source: nannews.ng
