FG Disburses N150bn Interest-Free Loans to Nearly 800,000 Students
The Federal Government has released over N150 billion to about 788,000 students through the Nigeria Education Loan Fund (NELFUND), in a major push to improve access to tertiary education.
The Minister of Information and National Orientation, Alhaji Mohammed Idris, revealed this on Monday at an end-of-year media briefing in Abuja, where he reviewed the performance of the President Bola Tinubu administration in 2025.
Idris said the year witnessed strong policy outcomes across various sectors, noting that education received particular attention through programmes targeted at young Nigerians.
According to the minister, NELFUND has so far provided interest-free loans and stipends worth more than N150 billion to students in public tertiary institutions, with the number of beneficiaries continuing to rise.
He also announced the commencement of the Federal Government’s Investment in Digital and Creative Enterprises (iDICE) initiative, which he said is designed to promote innovation and entrepreneurship among youths.
The programme is supported by a new multi-million-dollar venture fund aimed at boosting digital and creative businesses.
In addition, Idris disclosed that the Student Venture Capital Grant (S-VCG) was introduced in 2025 to support undergraduate innovators. The scheme offers non-equity funding of up to N50 million to students in Science, Technology, Engineering, Mathematics and Medicine (STEMM) disciplines across accredited tertiary institutions.
He explained that the intervention is intended to cultivate entrepreneurial skills on campuses and encourage students to become employers of labour rather than job seekers.
The minister further said the Three Million Technical Talent (3MTT) programme recorded notable progress during the year, as the government advances its plan to build a large, skilled digital workforce for Africa.
NELFUND was set up to manage the Nigeria Student Loan Scheme, which was signed into law by President Tinubu in April 2024.
The scheme provides interest-free loans to students in public higher institutions to cover tuition and living costs.
The programme opened for applications in May 2024 and was introduced to reduce financial obstacles to higher education, especially for students from low-income backgrounds.
Beneficiaries are required to repay the loans after graduation and once they secure employment.
