President Bola Tinubu has disclosed that he has just ordered the release of additional N50billion each to Nigerian Education Loan Fund (NELFUND) for Student Loan Scheme and the Consumer Credit Corporation from the proceeds of crime recovered by the Economic and Financial Crimes Commission (EFCC).
Tinubu stated this in his Sunday’s national broadcast to Nigerians while reacting to the demands of protesters who embarked on ongoing nationwide protests against hardship.
Speaking on the steps taken by his administration to address national issues, Tinubu said some of his policies to tackle challenges facing the youths include the setting up of the Student Loan Scheme to cater for the schools fees and other needs of indigent students and the Consumer Credit Corporation to give loans to youths.
According to the President, about N45.6billion has been processed for payment to students and their respective higher institutions in the country.
Tinubu further disclosed that the Federal Government has established the Consumer Credit Corporation with over N200billion to help Nigerians to acquire essential products without the need for immediate cash payments.
The President said, “Our administration has shown its commitment to the youth by setting up the Student Loan Scheme . To date, N45.6billion has already been processed for payment to students and their respective institutions. I encourage more of our vibrant youth population to take advantage of this opportunity.
“We established the Consumer Credit Corporation with over N200billion to help Nigerians to acquire essential products without the need for immediate cash payments, making life easier for millions of households. This will consequently reduce corruption and eliminate cash and opaque transactions. “
On the release of N100billion from the proceeds of crime recovered by the EFCC with the NELFUND getting additional N50billion while the Consumer Credit Corporation also receiving N50billion, Tinubu said, “This week, I ordered the release of an additional N50billion each for NELFUND – the student loan, and Credit Corporation from the proceeds of crime recovered by the EFCC”.
TheIdeal News recalls that the Executive Chairman of the EFCC, Mr Ola Olukoyede, has disclosed that the anti-graft agency has recovered about N156.28billion in the last one year.
The EFCC boss further said that the funds were recovered between May 29, 2023, and May 29, 2024
Olukoyede added that the foremost anti-graft agency also recovered $43,835,214.24, £25,365, €186,947.10, ₹51,360.00, C$3,750.00, A$740, ¥74,754, R35,000, 42,390 UAE Dirhams, 247 Riyals, and 21,580,867,631 crypto currency.
