Student Loan: Did EFCC "Donate" N50billion to NELFUND? Fresh Facts Emerge
- The Economic and Financial Crimes Commission (EFCC) has denied donating N50 billion to the Nigerian Education Loan Fund (NELFUND)
- The anti-graft agency said N50 billion injected to support the student loan scheme was not a donation from the commission
- The EFCC said It is not in its place to determine where the federal government commits recovered proceeds of crime
Legit.ng journalist Adekunle Dada has over 5 years of experience covering metro and government policy
FCT, Abuja - The Economic and Financial Crimes Commission (EFCC) said the N50 billion injected into the Nigerian Education Loan Fund (NELFUND) is not a donation.
The anti-graft agency said the fund was not a donation but part of the recovered proceeds of crime remitted to the government.
Source: Facebook
EFCC explained that it is President Bola Ahmed Tinubu’s decision to invest the money into funding the critically acclaimed student loan scheme.
This is according to the statement titled “EFCC's N50billion to NELFUND Not Donation” and shared via the Commission's Facebook page on Wednesday, August 14.
The Commission further stated that It is not in its place to determine where the federal government commits recovered proceeds of crime.
According to the statement, EFCC said it believes that the student loan scheme is a salutary innovation that has the potential to reduce youth involvement in criminality.
The anti-graft agency vows to monitor the use of the funds to ensure accountability and the realization of the objectives of the Scheme.
“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, 2026, that the EFCC will monitor the use of the funds to ensure accountability and the realization of the objectives of the Scheme.”
Student loan: UI announces refund of school fees
Meanwhile, Legit.ng reported that NELFUND paid school fees for 1,370 students of the University of Ibadan.
The Registrar of the university, G.O Salisu, confirmed the remittance of the sum of N201 million for the 2023/2024 academic session.
Salisu said students who had earlier paid their fees can now apply for a refund through the dean of students to the deputy vice-chancellor.
Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng
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Source: Legit.ng
