EFCC Breaks Silence Amidst Reports of Donating N50 Billion to Support Student Loan Scheme

The Economic and Financial Crimes Commission (EFCC) has clarified that it did not donate N50 billion to support the student loan scheme, as rumors have suggested. Dele Oyewale, the EFCC spokesperson, addressed the speculation, explaining that the sum in question was part of the recovered proceeds of crime, which had been remitted to the government.

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The said fund was not a donation by the Commission but part of the recovered proceeds of crime remitted to the government,” Oyewale stated.

He further elaborated that President Bola Ahmed Tinubu, as part of his social intervention policy aimed at supporting the most vulnerable segments of the population, decided to allocate the recovered funds to the Nigerian Education Loan Fund (NELFUND). This move was intended to help fund the critically acclaimed student loan scheme.

“It is not the place of the Commission to determine where the government commits recovered proceeds of crime. But the student loan scheme is a salutary innovation with the potential to reduce youth involvement in criminality,” Oyewale added.

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During a recent visit by NELFUND’s Managing Director and Chief Executive Officer, Mr. Akintunde Sawyerr, EFCC Chairman Ola Olukoyde assured that the EFCC would closely monitor the use of the funds to ensure accountability and the success of the scheme.

This clarification comes amid widespread interest in the student loan initiative, which many see as a vital step in addressing educational inequality and reducing crime among Nigerian youth. The EFCC’s commitment to overseeing the proper use of the funds underscores the importance of transparency in government efforts to support education and social welfare.