Funds Recovered from Cybercriminals Used to Finance Student Loans and Other Schemes – Shettima
Nigeria’s Vice President, Kashim Shettima, has revealed that funds recovered from cybercrime and corruption by the Economic and Financial Crimes Commission (EFCC) are being reinvested into the economy through various social intervention programs, including student loans and consumer credit schemes.
The vice president made this known on Monday during the seventh edition of a three-day capacity-building workshop for judges and justices, organised by the EFCC in collaboration with the National Judicial Institute (NJI) in Abuja.
According to a Channels Television report, Shettima explained that the recovered funds are proof of the Tinubu administration’s progress and commitment to transparency and accountability in governance.
Recovered Funds Used for Developmental Projects
Shettima emphasised that proceeds recovered from cybercriminals and corrupt practices are being channelled into developmental projects across various sectors of the Nigerian economy.
“Recovered proceeds of crime by the agency (EFCC) are being brought back into the economy to fund critical social investment programs, including the students’ loan and consumer credit schemes,” he said.
The vice president noted that this approach ensures that assets recovered from illegal activities are repurposed to benefit Nigerians, particularly through initiatives that promote financial inclusion, education, and economic empowerment.
EFCC’s Independence Driving Results
Shettima attributed the EFCC’s success to the non-interference policy of the current administration, which allows the agency to operate independently and effectively.
He highlighted that since the beginning of the Tinubu-led government, the EFCC has achieved remarkable milestones in combating corruption and cybercrime.
“This enabling environment is evident in the impact that has been made in the last two years. The EFCC, for example, has recorded over 7,000 convictions in the past two years of the present administration and recovered assets in excess of ₦500 billion,” Shettima said.
The vice president further stated that these achievements are a direct result of the administration’s commitment to rule of law, transparency, and institutional strengthening.
Strengthening Accountability and the Rule of Law
Shettima reiterated that the government remains focused on promoting public accountability by empowering anti-corruption agencies to fulfill their mandates without undue influence.
“As an administration, we have prioritised public accountability by strengthening the anti-corruption agencies and giving them the needed independence to execute their statutory mandates,” he added.
He also reaffirmed that the government’s long-term vision is to build a corruption-free Nigeria where recovered public funds are redirected to improve education, infrastructure, and economic growth.
Conclusion
The Tinubu administration’s strategy to reinvest recovered funds from corruption and cybercrime into social programs like student loans and consumer credit schemes marks a major step toward ensuring accountability and inclusive economic growth.
With over ₦500 billion recovered and 7,000 convictions secured in just two years, the government’s stance on anti-corruption and financial transparency is setting a new tone for governance in Nigeria.
