‘No one can reverse it’ — Tinubu says any cash recovered by EFCC will go into NELFUND

 President Bola Tinubu says the Economic and Financial Crimes Commission (EFCC) will channel all recovered funds into the
Nigerian Education Loan Fund (NELFUND).

 

The president spoke on Friday on the launch of Arise Palm
Resort in Uyo, the Akwa Ibom state capital.

Tinubu stated the choice was knowledgeable by the necessity to ease
the burden of tuition charges on mother and father and guarantee equal entry to schooling for
all Nigerians.

“I really feel your ache and share within the problem, and that’s
why I made a decision to remove the accountability of tuition charges from mother and father and
equal alternatives for everybody who desires to learn, taking schooling because the
best weapon towards poverty,” he stated.

“And creating alternatives for many who are nonetheless coming
behind. From at present on, as we’re combating corruption, any cash recovered by
EFCC shall be dumped into that schooling programme. It shall be. No one can
reverse it.”

On August 19, the president directed the EFCC to channel all
recovered funds into NELFUND.

Tunji Alausa, minister of schooling, introduced the
growth whereas answering questions from State House correspondents shortly
after the weekly federal government council (FEC) assembly that day.

He stated the FEC additionally authorized the allocation of all
unclaimed dividends within the Capital Market Trust Fund and funds within the Dormant
Account Trust Fund to the coed mortgage scheme to broaden its attain and enhance
its effectivity.

Speaking at a press briefing in Abuja on August 31 to
spotlight the fee’s achievements beneath his management, Ola Olukoyede,
EFCC chairman, stated the federal authorities had allotted N100 billion from
funds recovered by the anti-graft company to the coed mortgage scheme since 2024.

He famous that when “recovered criminal value” helps finance
schooling and family credit score, enforcement strikes past punishment to
restoration and productive nationwide use.

Click to signup for FREE information updates, newest info and hottest gists on a regular basis

Advertise on NOP NIGERIA to achieve 1000’s of our each day customers