The EFCC reports that over ₦50 billion recovered from fraudsters in 2024 is being allocated to the Nigerian Education Loan Fund. Established in 2024, NELFUND aims to remove financial barriers to higher education. The EFCC highlights this achievement as part of its most successful operational year, emphasizing its commitment to support the education sector and promote sustainable growth in Nigeria.
The Economic and Financial Crimes Commission (EFCC) announced that more than ₦50 billion recovered from fraudsters in 2024 contributes to the Nigerian Education Loan Fund (NELFUND). This information derives from the EFCC’s 2024 statistical report, highlighting NELFUND’s establishment under the Students Loans (Access to Higher Education) Act, 2024, signed by President Bola Tinubu on April 3, 2024.
The creation of NELFUND aims to dismantle financial obstacles hindering access to higher education in Nigeria. The EFCC characterized its 2024 operations as a significant achievement, marking the highest single-year asset recovery since its inception in 2003. The Federal Government’s ₦50 billion allocation to NELFUND stems from these substantial recoveries.
The EFCC report detailed various monetary recoveries, including ₦364.6 billion, 214.51 million dollars, and numerous foreign currencies. The recovered funds are reinvested into initiatives that provide measurable advantages for Nigerians, promoting further educational opportunities.
By facilitating student loans, the EFCC contributes to empowering young Nigerians, enabling them to engage meaningfully in the workforce. The report emphasizes the Commission’s determination to ensure that recovered assets serve the needs of Nigerian citizens and foster sustainable growth.
The agency credited its achievements to the commitment of its officers and supportive governance from management and stakeholders. Additionally, the EFCC continued to affirm its dedication to enhancing the skills of its prosecutors and collaborating with local and international bodies to refine its asset recovery processes.
In summary, the EFCC’s recovery of over ₦50 billion from fraudulent activities is being strategically invested in the Nigerian Education Loan Fund, thereby promoting educational access and socio-economic growth. This initiative not only empowers students but also aligns with the government’s commitment to dismantle financial barriers in higher education. The EFCC continues to strengthen its asset recovery framework through collaboration and resource enhancement.
Original Source: nannews.ng
