Mkpoikana Udoma
Port Harcourt — Chairman of the Economic and Financial Crimes Commission, EFCC, Mr. Ola Olukoyede, has announced that proceeds recovered from anti-corruption efforts are being reinvested into the Nigerian economy, notably supporting student loans and access to affordable credit for civil servants.
Olukoyede on EFCC’s official X handle disclosed that N50 billion from last year’s recoveries was allocated to the Nigerian Education Loan Fund, NELFUND, a move that has so far enabled over 200,000 Nigerian students to access financial support for their education.
“Part of the proceeds made last year was appropriated to NELFUND, N50 billion. Today, 200,000 students have benefited from this intervention,” the EFCC boss stated.
He added that another strategic deployment of recovery funds has been directed toward Credit Corporations, which allow civil servants to obtain loans at single-digit interest rates, helping reduce the financial stress on the public workforce and stimulate domestic demand.
“Also, Credit Corporations where civil servants can easily go in and obtain credit, probably in single-digit interest rates, have been funded. These are targeted interventions with real economic impact,” Olukoyede noted.
These initiatives, he said, reflect a broader commitment by the EFCC to ensure that recovered assets and funds are transparently redirected to programs that enhance national development and directly benefit citizens.
“These interventions are not just symbolic; they have positively impacted the economy of our nation,” he added.
