The EFCC reported that over N50 billion from monetary recoveries will fund the Nigerian Education Loan Fund, established to reduce financial barriers in higher education. The initiative aims to enable students to complete their degrees and support national development. The report highlights 2024 as a milestone year for the EFCC in asset recovery and commitment to educational empowerment.
The Economic and Financial Crimes Commission (EFCC) announced that monetary recoveries exceeding N50 billion from fraudsters in 2024 are being utilized to support the Nigerian Education Loan Fund (NELFUND). This information comes from the EFCC’s 2024 statistical report, which highlights the agency’s significant accomplishments this year, including the largest single-year asset recovery since it was founded in 2003.
Established through the Students Loans (Access to Higher Education) Act, 2024, and signed into law by President Bola Tinubu on April 3, 2024, NELFUND aims to eliminate financial obstacles that hinder access to higher education. The EFCC report stated that the funds allocated to NELFUND were sourced from their monetary recoveries, which consisted of a diverse range of currencies and amounts.
The monetary recoveries reported included N364.6 billion, 214.51 million U.S. dollars, and several other currencies totaling millions in value. By reinvesting these funds into educational initiatives, the Federal Government of Nigeria aims to help students complete their studies, thereby contributing positively to the workforce and society.
The EFCC emphasized that this initiative not only facilitates educational attainment but also empowers youth in Nigeria. The agency attributes its successes to the dedication of its officers and the supportive environment fostered by its leadership and stakeholders. Furthermore, the EFCC remains committed to enhancing the capabilities of its prosecutors and judicial members while collaborating with national and international partners to improve its asset recovery processes.
In summary, the EFCC utilizes over N50 billion in monetary recoveries to fund the Nigerian Education Loan Fund, established to remove financial barriers to higher education. This approach not only supports students in completing their education but also strengthens Nigeria’s workforce. The agency’s accomplishments in 2024 reflect its commitment to sustainable growth and effective collaboration with various stakeholders.
Original Source: nannews.ng
