By Cheta Enyoghasi
The Economic and Finance Crimes Commission (EFCC) have clarified that the N50 billion transferred to the Nigerian Education Loan Fund (NELFUND) was not a commission-funded donation.
Recall that during his August 4 speech on the #EndBadGovernance demonstrations, President Bola Tinubu directed that the funds be released to NELFUND.
“This week, I ordered the release of an additional N50billion Naira each for NELFUND – the student loan, and Credit Corporation — from the proceeds of crime recovered by the EFCC,” Tinubu said.
On Wednesday, it was reported that the EFCC “donated” the funds to NELFUND.
EFCC spokesperson,!Dele Oyewale In a statement issued on Thursday, stated that the sum was not a donation but rather “part of the recovered proceeds of crime remitted to the government”.
“President Bola Ahmed Tinubu in furtherance of his social intervention policy for the most vulnerable segments of the population, decided in his wisdom, to plough the money into funding the critically acclaimed students loan scheme,” the statement reads.
“It is not the place of the Commission to determine where the government commits recovered proceeds of crime.
“But the student’s loan scheme is a salutary innovation which has the potential to reduce youth involvement in criminality.
“As the Commission’s Chairman, Ola Olukoyde disclosed during a courtesy visit to the Commission by the NELFUND’s Managing Director and Chief Executive Officer, Mr. Akintunde Sawyerr on August, 13, 2024, that the EFCC will monitor the use of the funds to ensure accountability and the realization of the objectives of the Scheme”.
