The Economic and Financial Crimes Commission (EFCC) has allocated N50 billion from recovered assets to the Nigerian Education Loan Fund (NELFUND) to support the student loan scheme.
The EFCC announced this in a press statement on Tuesday, following a visit by NELFUND’s head, Akinwunmi Sawyerr, to the EFCC headquarters.
According to the statement, EFCC Chairman Ola Olukoyede praised the student loan program, highlighting it as a significant policy measure in the fight against corruption.
Olukoyede noted that the financial challenges faced by many parents in funding their children’s education often contribute to corruption, leaving students vulnerable to various economic and financial crimes.
“One of the primary drivers of cybercrimes is the inability of parents to afford their children’s education. NELFUND is a strategic policy against crime, and President Tinubu deserves commendation for establishing the Fund,” he stated.
In response, Sawyerr explained that NELFUND is designed to provide financial assistance to underprivileged students. He expressed gratitude to the EFCC for the N50 billion contribution from recovered proceeds of crime.
“We are aware of the funds from the proceeds of crime allocated to NELFUND. We are here to express our appreciation for this support. We also request the EFCC’s oversight in our activities,” Sawyerr said.
The Nigerian Education Loan Fund (NELFUND) is a government initiative designed to provide financial assistance to underprivileged students in Nigeria.
The fund aims to make higher education more accessible by offering loans to students who may otherwise struggle to afford tuition and related expenses.
NELFUND is part of broader efforts to support education and reduce financial barriers that can lead to economic and financial crimes.
The programme is seen as a critical tool in promoting educational equity and fostering economic growth through a more educated populace.
