The Economic and Financial Crimes Commission (EFCC) has disclosed that the Federal Government has approved an additional N50 billion from recovered proceeds of crime to fund the Nigerian Education Loan Fund (NELFUND), as the anti-graft agency seeks to convert asset recoveries into long-term investments in education and crime prevention.
Ola Olukoyede, chairman of the EFCC, disclosed this on Monday in Abuja while presenting the commission’s three-year stewardship report, saying the latest allocation was part of government policy of deploying finally forfeited proceeds of crime to social investment programmes.
The EFCC boss said the latest N50 billion allocation to NELFUND was approved in 2026, alongside another N50 billion for the Nigerian Consumer Credit Corporation (CreditCorp), bringing the additional funding approved this year from EFCC recoveries to N100 billion.
He said the process of releasing the funds was already underway and that NELFUND and CreditCorp should receive the money within days if the disbursement had not already been completed.
This is in addition to the Federal Government’s earlier directive in August 2024 for $50 billion each to be allocated to NELFUND and CreditCorp from proceeds of crime recovered by the EFCC.
