Abuja: The Economic and Financial Crimes Commission (EFCC) has announced that over N50 billion recovered from fraudsters in 2024 is being utilized as part of the funding for the Nigerian Education Loan Fund (NELFUND).
According to News Agency of Nigeria, this information is detailed in the EFCC’s 2024 statistical report. NELFUND was created under the Students Loans (Access to Higher Education) Act, 2024, which was signed into law by President Bola Tinubu on April 3, 2024. The initiative is designed to remove financial obstacles for students pursuing higher education in Nigeria.
The EFCC report highlights 2024 as a year of major achievements, marking its largest single-year asset recovery since its inception in 2003. The statistics reveal that the N50 billion allocated to NELFUND by the Federal Government was sourced from the EFCC’s monetary recoveries.
These recoveries include N364.6 billion, 214.51 million dollars, 54,319 euro, 31,265 euro, CAD$2,990, and AUD $740. Additionally, CFA7,821,375, UAE Dirham 170, Riyals 5,115, W73,000, 105 Yen, GHS225, and 50,000 Rands were also part of the recoveries.
According to the commission, a portion of these monetary recoveries has been reinvested by the federal government into initiatives that offer substantial benefits to the Nigerian populace. The commission noted that the initiative facilitates students in completing their degrees, contributing significantly to the workforce, and ensuring that recovered funds directly benefit Nigerians.
By offering student loans, the EFCC is not only supporting educational pursuits but also empowering young Nigerians to become productive members of society. This action underscores the Commission’s dedication to fostering sustainable growth and development in Nigeria.
The anti-graft agency credits its accomplishments to the dedication of its officers and the supportive environment provided by management and stakeholders. Additionally, the report reiterates EFCC’s commitment to enhancing the expertise and capabilities of its prosecutors and the judiciary.
The EFCC also emphasized its ongoing commitment to collaborating with various agencies and international partners to enhance and strengthen its asset recovery framework.