365NEWS gathered that the Economic and Financial Crimes Commission (EFCC) has disclosed that one of the uses of recovered looted funds is to support the Nigerian Education Loan Fund (NELFUND), a Federal Government initiative aimed at providing financial aid to students in tertiary institutions.
In a post shared via its official X handle on Tuesday, the Commission stated that the sum of N50 billion allocated to NELFUND was sourced from its monetary recoveries and deployed to support the student loan initiative.
The EFCC reaffirmed that this move reflects its commitment to ensuring accountability and channeling recovered resources towards impactful programmes.
The statement reads, “For those asking, what are the monetary recoveries by the EFCC used for, here is one of them!
“DO YOU KNOW THAT Fifty Billion Naira allocated to the Nigerian Education Loan Fund, NELFUND, by the Federal Government was sourced from the EFCC’s monetary recoveries? The student loan initiative, a legacy programme of the Bola Tinubu administration, offers financial assistance to students in Nigerian tertiary institutions to cover the cost of their studies, providing a respite to many indigent students and paving the way for their contribution to nation building.”
Recall that NELFUND recently stated that it has attained a milestone in its first year of operation, with over 500,000 Nigerian students having applied for student loans through the NELFUND portal.
According to the body, the Fund has also disbursed more than N53 billion to students in upkeep and institutional fees within the period under review.
The Director of Strategic Communications, Mrs Oseyemi Oluwatuyi, in a statement recently in Abuja, highlighted the commitment of the Fund to democratise access to tertiary education in Nigeria.
She said, “This milestone, achieved within just 11 months of operations, underscores the critical need for accessible student financing in Nigeria and highlights the widespread trust in NELFUND’s mission to democratise access to tertiary education.”
