The EFCC has allocated over N50 billion from monetary recoveries to fund the Nigerian Education Loan Fund (NELFUND). This initiative, part of the Students Loans Act 2024, aims to dismantle financial barriers for higher education. The EFCC highlighted its achievements in asset recovery and its dedication to enriching the education sector, stating that recovered funds will provide significant benefits to Nigerian students.
The Economic and Financial Crimes Commission (EFCC) reported that over N50 billion in monetary recoveries from fraud will fund the Nigerian Education Loan Fund (NELFUND). This initiative follows the Students Loans (Access to Higher Education) Act, 2024, signed by President Bola Tinubu, aimed at eliminating financial barriers in higher education. \n\nIn its 2024 statistical report, the EFCC celebrated its largest asset recovery since its inception in 2003. The reported ₦50 billion stems from the agency’s successful recoveries, which include substantial amounts in various currencies, enhancing educational funding. \n\nThe EFCC emphasized that these recoveries not only support education but also empower young Nigerians, enabling them to contribute to the workforce and society. This initiative highlights the commission’s dedication to fostering sustainable growth through educational opportunities. \n\nThe success of these efforts has been attributed to the commitment of EFCC officers and collaboration with stakeholders. The report reaffirms the agency’s pledge to improve the skills of its prosecutors and judiciary members while fostering partnerships with international agencies to strengthen asset recovery processes.
The EFCC’s monetary recoveries are crucial in supporting the Nigerian Education Loan Fund, reflecting a commitment to empowering students through education. With over N50 billion allocated by the federal government from recoveries, the EFCC aims to turn financial obstacles into opportunities for young Nigerians. Through these initiatives, the commission is investing in the nation’s future by nurturing a capable workforce. The continued collaboration with various stakeholders emphasizes EFCC’s commitment to enhancing institutional integrity and capacity.
Original Source: nannews.ng
