The Federal Government declared that it has spent over N150 billion on 788,000 students under the Nigeria Education Loan Fund, NELFUND initiative
The Minister of Information and National Orientation, Mohammed Idris, made the disclosure during End-of-Year news conference on Monday in Abuja.
The minister stated that the Tinubu administration had made significant achievements across different sectors, especially in education.
He noted that 2025 has been a bumper year for targeted and catalytic policymaking and implementation, particularly for young Nigerians, who were the beneficiaries.
Idris said: “NELFUND has now supported over 788,000 Nigerian students with interest-free loans and stipends amounting to over N150 billion, and still counting.
“Similarly, the Federal Government’s Investment in Digital and Creative Enterprises (iDICE) programme officially kicked off during the year.
“It is anchored on an investment in a new multi-million-dollar venture fund that will support the creative and digital entrepreneurship aspirations of young Nigerians.
“In 2025, the Federal Government launched the Student Venture Capital Grant (S-VCG).”
He stated that the S-VCG is offering equity-free financing of up to N50 million for undergraduate innovators in Science, Technology, Engineering, Mathematics and Medicine (STEMM) disciplines across accredited tertiary institutions.
He explained that “with this new intervention, the country is nurturing the seeds of entrepreneurship on its campuses and turning the brightest minds into job creators, not just job seekers.”
According to him, the Three Million Technical Talent (3MTT) programme made significant progress in 2025, building Africa’s largest digital workforce.
NELFUND was established to implement the Nigeria Student Loan Scheme, which was signed into law by President Bola Tinubu in April 2024.
The Tinubu-led administration’s initiative provides interest-free loans to students in public tertiary institutions to cover tuition and living expenses.
The scheme, which began accepting applications in May 2024, was designed to eliminate financial barriers to education and support students from low-income families.
Beneficiaries are expected to repay the loans after completing their studies and securing employment.
(NAN)
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