The Federal Government has disclosed that more than ₦150 billion has so far been disbursed to about 788,000 Nigerian students under the Nigeria Education Loan Fund (NELFUND), marking a major milestone in the country’s education financing efforts.
The Minister of Information and National Orientation, Alhaji Mohammed Idris, made this known on Monday in Abuja during an end-of-year media briefing, where he highlighted what he described as key policy gains recorded under President Bola Tinubu’s administration.
According to Idris, the education sector emerged as one of the biggest beneficiaries of the government’s reform agenda, with 2025 delivering impactful policies aimed at empowering young Nigerians and expanding access to higher education.
He explained that the student loan initiative has significantly reduced financial barriers for students from low-income households, allowing them to pursue tertiary education without the burden of upfront tuition costs.
“So far, over 788,000 students have accessed interest-free loans and stipends through NELFUND, with total disbursements exceeding ₦150 billion,” the minister said, noting that the figure continues to rise as more applications are processed.
Beyond student loans, Idris revealed that the Federal Government introduced several youth-centered programmes during the year to stimulate innovation, entrepreneurship, and skills development.
One of such initiatives is the Investment in Digital and Creative Enterprises (iDICE) programme, which officially commenced in 2025. The programme is backed by a multi-million-dollar venture fund aimed at supporting young Nigerians pursuing opportunities in the creative and digital economy.
In addition, the government launched the Student Venture Capital Grant (S-VCG) to encourage innovation within tertiary institutions. Idris explained that the scheme provides equity-free funding of up to ₦50 million to undergraduate innovators studying Science, Technology, Engineering, Mathematics and Medicine (STEMM) in accredited institutions nationwide.
He said the initiative is designed to turn university campuses into hubs of innovation, producing job creators rather than job seekers.
The minister also highlighted progress made under the Three Million Technical Talent (3MTT) programme, which forms part of the administration’s strategy to build a digitally skilled workforce capable of competing on a global scale.
NELFUND was created to manage the Nigeria Student Loan Scheme, which President Tinubu signed into law in April 2024. The programme offers interest-free loans to students enrolled in public tertiary institutions, covering tuition and living expenses.
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Applications for the scheme began in May 2024, with repayment scheduled to commence after beneficiaries complete their studies and secure employment—an approach the government says will ensure the long-term sustainability of the fund.
