In his speech addressing the #EndBadGovernance protests on August 4, President Bola Tinubu announced the release of funds to NELFUND.
“This week, I ordered the release of an additional N50 billion Naira each for NELFUND – the student loan, and Credit Corporation – from the proceeds of crime recovered by the EFCC,” Tinubu stated.
On Wednesday, reports surfaced claiming the EFCC “donated” the funds to NELFUND. However, EFCC spokesperson Dele Oyewale clarified in a statement on Thursday that the funds were not a donation, but rather “part of the recovered proceeds of crime remitted to the government.”
“President Bola Ahmed Tinubu, as part of his social intervention policy for the most vulnerable segments of the population, wisely decided to allocate the money to fund the critically acclaimed student loan scheme,” the statement said.
“The EFCC does not determine where the government allocates recovered proceeds of crime. However, the student loan scheme is a commendable initiative with the potential to reduce youth involvement in criminal activities.
“As disclosed by the Commission’s Chairman, Ola Olukoyede, during a courtesy visit by NELFUND’s Managing Director and Chief Executive Officer, Mr. Akintunde Sawyerr, on August 13, 2026, the EFCC will monitor the use of the funds to ensure accountability and the achievement of the Scheme’s objectives.”
