The Economic and Financial Crimes Commission has launched N50bn to assist the Nigerian Education Loan Fund.
This was disclosed by the anti-graft company on Tuesday, August 13, 2024, when the Fund’s Managing Director and Chief Executive Officer, Mr. Akintunde Sawyerr, led his administration staff on a courtesy go to to the EFCC headquarters in Abuja.
While Sawyerr famous that the Fund, an initiative of the President Bola Tinubu-led administration, was designed to offer funding for the training of indigent college students, he lamented the poor improvement of youths within the nation’s training sector.
The assertion obtained on the EFCC’s web site partly learn, “He (Sawyerr) appreciated the EFCC for the N50 billion injected into NELFUND from the proceeds of crime recovered by the commission.”
“We are aware of the funds from the proceeds of crime extended to NELFUND. We are here to express our gratitude for the gesture. We also want the EFCC to exercise oversight on what we are doing,” Sawyerr stated.
He added that “youths constitute the most populous, restive but neglected segment of our population. President Tinubu identified this as a major problem and put in place a major solution to address the issue.”
In his remarks, the EFCC Chairman, Mr. Ola Olukoyede, recommended the president for the initiative which he described as a “policy issue against crimes.”
He additionally said that the dearth of oldsters’ instructional assist is a contributing issue to kids’s involvement in monetary crimes.
He stated, “One of the main incentives for cybercrimes is the inability of parents to fund the education of their children. NELFUND is a policy issue against crimes. President Tinubu should be commended for initiating the Fund.”
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The EFCC boss suggested the NELFUND administration staff to make sure transparency of their dealings, which, in accordance with him, would help within the combat towards corruption.
“Let your hands be clean. I repeat, let your hands be clean. The work entrusted to you is going to help the EFCC fight corruption. Let your systems and processes be transparent,” he urged.
Olukoyede tasked the NELFUND boss to present studies on the disbursement of its cash to the EFCC whereas stressing his dedication to make sure the N50bn donation isn’t “re-looted.”
He stated, “I’ll combat to make sure that cash pooled collectively to assist NELFUND isn’t re-looted. We need your administration to be giving studies of your disbursement to the EFCC.
“Don’t sign what is not clear to you. Don’t give in to any pressure. Let your staff know that there is no money to share.”
Olukoyede known as on Nigerians to make sure the success of the NELFUND initiative and that of the Tinubu-led administration.
On April 3, 2024, Tinubu signed the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, into regulation.
The registration for the programme took off in May with 1.2 million college students in federal tertiary establishments throughout the nation – beginning the primary batch.
On Wednesday, August 7, 2024, NELFUND announced what it described as a major milestone, receiving the best variety of scholar mortgage functions inside 24 hours because the launch of its portal on May 25, 2024.
NELFUND stated it “recorded 9,687 student registrations, with 7,975 completed loan applications,” on August 7, 2024.
According to data launched on Friday, August 2, 2024, an extra 2,120 college students had benefited from the coed mortgage scheme bringing the entire variety of beneficiaries to 22,120.
A press release by NELFUND’s spokesman, Nasir Ayitogo, in Abuja stated the loans disbursed throughout many establishments totalled N2.5bn.