01/05/2026
Recovered Funds Power Student Loans: EFCC Boss Reveals Tinubu Approved ₦100bn for NELFund
The Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, has disclosed that recovered proceeds of corruption were redirected into student financing to tackle the root causes of financial crimes in Nigeria.
Speaking during an interview on Channels Television, Olukoyede revealed that he personally proposed the initiative to Bola Tinubu, suggesting that part of the funds recovered from corrupt officials be invested in the Nigeria Education Loan Fund (NELFund).
According to him, the proposal was driven by findings from EFCC investigations, which showed that many young Nigerians involved in cybercrime were pushed into illegal activities due to financial hardship and inability to afford education.
“I told Mr. President that since the NELFund law had been passed without sufficient funding, part of the recovered funds about ₦100 billion could be deployed to support it,” he said.
Olukoyede stated that the President approved the proposal, leading to the allocation of ₦50 billion to NELFund and another ₦50 billion to the Credit Corporation.
He further disclosed that since its launch, the NELFund programme has supported approximately 1.3 million students in paying their school fees, describing the intervention as a strategic approach to addressing the socio-economic factors driving corruption.
The EFCC boss emphasized that the initiative demonstrates how recovered public funds can be reinvested into impactful social programmes, particularly in education, to reduce crime and empower young Nigerians.
Report by Elijah Ajanu
