The Economic and Financial Crimes Commission (EFCC) says the fifty billion naira it gave to the Nigerian Education Loan Fund (NELFUND) is part of recovered proceeds of crime remitted to the Federal Government and not a donation by the Commission.

The EFCC, which said this in a statement, explained that it is clarifying reports in a section of the media purporting that the Commission donated fifty billion naira to NELFUND from its recovery account.

The statement explained that President Tinubu, in furtherance of his social intervention policy for the most vulnerable segments of the population, decided in his wisdom to plough the money into funding the critically acclaimed Students Loan Scheme.

The EFCC says it is not its place to determine where the Government commits Recovered Proceeds of crime, but the Student’s Loan Scheme is a salutary innovation which has the potential to reduce youths’ involvement in criminality.

The Chairman of the EFCC, Ola Olukoyde, had disclosed during a courtesy visit by NELFUND’s Managing Director and Chief Executive Officer, Akintunde Sawyerr, on Tuesday that the Anti-graft Agency will monitor the use of the funds to ensure accountability and the realization of the objectives of the Scheme.