Abuja – The Federal Government has spent over N150 billion on 788,000 students under the Nigeria Education Loan Fund (NELFUND) initiative, the Minister of Information and National Orientation, Alhaji Mohammed Idris, announced at an end-of-year news conference on Monday.
Idris stated that President Bola Tinubu’s administration has recorded significant achievements across multiple sectors, with education being a key focus. “2025 has been a bumper year for targeted and catalytic policymaking, particularly for young Nigerians,” he said.
According to the minister, NELFUND has supported over 788,000 Nigerian students with interest-free loans and stipends amounting to more than N150 billion.
The loans are designed to cover tuition and living expenses for students in public tertiary institutions, especially those from low-income families. Beneficiaries are expected to repay the loans only after completing their studies and securing employment.
The minister also highlighted the launch of other initiatives in 2025 aimed at fostering youth entrepreneurship. The Federal Government’s Investment in Digital and Creative Enterprises (iDICE) programme, anchored on a multi-million-dollar venture fund, supports creative and digital startups by young Nigerians.
In addition, the Student Venture Capital Grant (S-VCG) now provides equity-free financing of up to N50 million for undergraduate innovators in Science, Technology, Engineering, Mathematics, and Medicine (STEMM) disciplines across accredited tertiary institutions.
“With this intervention, the country is nurturing entrepreneurship on campuses and turning the brightest minds into job creators, not just job seekers,” Idris added.
The Three Million Technical Talent (3MTT) programme, another key initiative, continued to build Africa’s largest digital workforce during the year.
NELFUND was established to implement the Nigeria Student Loan Scheme, signed into law by President Tinubu in April 2024 and officially launched in May 2024.
