Tinubu: Every naira recovered by EFCC will now fund student loans

President Bola Tinubu has said all funds recovered by the EFCC will go into the Nigerian Education Loan Fund, insisting that “no one can reverse it.” Speaking in Uyo on Friday, he said the move would ease tuition burdens on parents and widen access to education. He first directed the policy on August 19. EFCC chairman Ola Olukoyede said N100 billion in recovered funds has been allocated to the scheme since 2024.

President Bola Tinubu has said all funds recovered by the Economic and Financial Crimes Commission (EFCC) will be channelled into the Nigerian Education Loan Fund (NELFUND), TheCable reports.

Tinubu spoke on Friday at the launch of Arise Palm Resort in Uyo, the Akwa Ibom State capital. He said the decision was informed by the need to ease the burden of tuition fees on parents and ensure equal access to education for all Nigerians.

“I feel your pain and share in the difficulty, and that’s why I decided to take away the responsibility of tuition fees from parents and equal opportunities for everyone who wants to read, taking education as the greatest weapon against poverty,” he said.

“And creating opportunities for those who are still coming behind. From today on, as we are fighting corruption, any money recovered by EFCC will be dumped into that education programme. It will be. No one can reverse it.”

On August 19, the President directed the EFCC to channel all recovered funds into NELFUND. Education Minister Tunji Alausa announced this after the Federal Executive Council meeting that day. EFCC Chairman Ola Olukoyede said on August 31 that N100 billion in recovered funds had been allocated to the scheme since 2024.

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