…says proceeds of crime contributed to financing student loan
By Olawale Lamina
The Federal Government has admitted that inflation and insecurity remain major challenges facing Nigerians, in the race of reforms put in place by President Bola Tinubu’s administration over the past three years to put the country on the path of sustainable development.
Secretary to the Government of the Federation, AGF, George Akume,stated this at a press conference marking the 2026 Democracy Day on Tuesday in Abuja. Akume said the government is aware of the hardship occasioned by ongoing reforms, even as he emphasized that recent economic outlooks indicated improvements in key sectors.
As a way of appreciating the present hardship faced by majority of the citizens, the SGF said: “The government, though with all hands on deck, would never claim that every challenge has been solved.
“While we pursue various reforms diligently, with purpose and with compassion, the government recognises that inflation has been painful, though it is on a downward trend.
“The government is similarly conscious of the fact that insecurity still threatens lives and livelihoods.”
The presser formed part of activities marking 27 years of unbroken democratic rule and served as what the SGF described as an accountability exercise by the administration midway into its first term.
Admitting public sentiments over the cost of living and security situation, the SGF emphasized that government reforms were beginning to yield results. He argued that available evidence shows the country is headed in the right direction.
For instance, he cited the fact that Nigeria’s Gross Domestic Product grew by 4.07 per cent in the fourth quarter of 2025 and 3.89 per cent in the first quarter of 2026, while highlighting the impact of its social intervention programmes, including cash transfers, student loans and consumer credit initiatives introduced since 2023.
Akume stated that more than one million students have benefited from the Nigerian Education Loan Fund, with over N184bn disbursed for tuition and upkeep, under the NELFUND scheme.
He also added that millions of households had been reached through the Renewed Hope Conditional Cash Transfer programme, while government-backed credit schemes had expanded access to formal financing.
The government also defended its fiscal reforms, including tax measures signed into law in 2025, arguing that the policies were aimed at improving revenue generation and strengthening accountability in public finance.
On fight against currption, the SGF said Nigerian anti-graft agencies had continued to recover proceeds of crime and prosecute offenders, adding that recovered funds had contributed to financing the student loan scheme.
He assured that the Tinubu administration was expanding the capacity of the armed forces and other security agencies through increased recruitment and funding, while also strengthening cooperation with neighbouring countries and international partners.
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