The Federal Government has disbursed over ₦150 billion to no fewer than 788,000 Nigerian students through the Nigeria Education Loan Fund (NELFUND) initiative, the Minister of Information and National Orientation, Alhaji Mohammed Idris, has said.
Naijaonpoint reports that Idris disclosed this on Monday during an end-of-year news conference in Abuja, where he outlined what he described as major achievements recorded by the President Bola Tinubu administration across key sectors of the economy.
The minister said the education sector had benefited significantly from the administration’s policy direction, noting that 2025 had been a bumper year for targeted and catalytic policymaking, especially for young Nigerians.
According to him, the Nigeria Education Loan Fund has continued to expand access to tertiary education by easing financial pressures on students from low-income backgrounds.
“NELFUND has now supported over 788,000 Nigerian students with interest-free loans and stipends amounting to over ₦150 billion, and still counting,” Idris said.
Beyond the student loan scheme, Idris said the Federal Government also rolled out several youth-focused interventions during the year.
He revealed that the Investment in Digital and Creative Enterprises (iDICE) programme officially took off in 2025 to boost innovation and entrepreneurship among young Nigerians.
“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,” he stated.
The minister further disclosed that the Federal Government launched the Student Venture Capital Grant (S-VCG) in 2025 to support innovation within tertiary institutions.
According to him, the S-VCG offers equity-free financing of up to ₦50 million to undergraduate innovators in Science, Technology, Engineering, Mathematics and Medicine (STEMM) disciplines across accredited institutions.
“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,” Idris added.
Idris also said the Three Million Technical Talent (3MTT) programme recorded notable progress during the year as part of efforts to build Africa’s largest digital workforce.
He noted that the programme aligns with the administration’s broader goal of equipping young Nigerians with globally competitive digital skills.
NELFUND was established to implement the Nigeria Student Loan Scheme, which was signed into law by President Bola Tinubu in April 2024.
The scheme provides interest-free loans to students in public tertiary institutions to cover tuition fees and living expenses.
It began accepting applications in May 2024 and was designed to remove financial barriers to higher education, particularly for students from economically disadvantaged families.
Beneficiaries are expected to repay the loans after completing their studies and securing employment, ensuring the sustainability of the scheme for future applicants.