The Economic and Financial Crimes Commission (EFCC) has stated that the 50 billion naira it provided to the Nigerian Education Loan Fund (NELFUND) is not a donation but rather part of recovered proceeds of crime remitted to the Federal Government.
In a statement, the EFCC explained that it is issuing this clarification in response to media reports suggesting that the Commission donated the funds from its recovery account. It emphasized that it has no authority to determine the allocation of recovered proceeds of crime.
The statement further noted that President Tinubu, in line with his social intervention policy, directed that the funds be allocated to the Student Loan Scheme, a program designed to support vulnerable segments of the population.
The EFCC expressed its support for the Student Loan Scheme, recognizing its potential to reduce youth involvement in criminality. The Commission also stated that it will monitor the use of the funds to ensure accountability and the achievement of the scheme’s objectives....Read Full Article [Click Here>]
The Chairman of the EFCC, Ola Olukoyde, had previously disclosed during a meeting with the Managing Director and Chief Executive Officer of NELFUND, Akintunde Sawyerr, that the Commission would oversee the utilization of the funds to guarantee transparency and the realization of the scheme’s goals.
Source: The Nation
