According to Alhaji Mohammed Idris, Minister of Information and National Orientation, the Federal Government has given approximately ₦150 billion to at least 788,000 Nigerian students under the Nigeria Education Loan Fund (NELFUND) scheme.
According to reports, Idris revealed this on Monday at an end-of-year press conference in Abuja, where he listed what he called significant accomplishments made by the President Bola Tinubu administration in several important economic sectors.
The minister said that 2025 had been a bumper year for focused and catalytic policies, particularly for young Nigerians, and that the administration’s policy approach had greatly helped the education sector.
He claims that by reducing the financial burden on students from low-income families, the Nigeria Education Loan Fund has continued to increase access to higher education.
“NELFUND has now provided interest-free loans and stipends totaling over ₦150 billion to over 788,000 Nigerian students, and counting,” Idris stated.
According to Idris, the Federal Government implemented a number of youth-focused initiatives throughout the year in addition to the student loan program.
He disclosed that in order to encourage innovation and entrepreneurship among young Nigerians, the Investment in Digital and Creative Enterprises (iDICE) program was formally launched in 2025.
“It is based on an investment in a new multimillion-dollar venture fund that will support young Nigerians’ aspirations for digital and creative entrepreneurship,” he said.
The minister also revealed that in order to encourage innovation in higher education, the Federal Government established the Student Venture Capital Grant (S-VCG) in 2025.
He claims that the S-VCG provides undergraduate innovators in STEM fields (science, technology, engineering, mathematics, and medicine) at authorized institutions with equity-free financing of up to ₦50 million.
Idris said, “With this new intervention, the nation is cultivating the seeds of entrepreneurship on its campuses and turning the brightest minds into job creators, not just job seekers.”
In an endeavor to create Africa’s greatest digital workforce, Idris added that the Three Million Technical Talent (3MTT) program made significant strides throughout the year.
He pointed out that the program is in line with the administration’s overarching objective of giving young Nigerians digital skills that are competitive on a global scale.
President Bola Tinubu signed the Nigeria Student Loan Scheme into law in April 2024, and NELFUND was created to carry it out.
The program offers interest-free loans to students attending public universities to pay for living expenses and tuition.
It was created to eliminate financial obstacles to higher education, especially for students from low-income families, and it started taking applications in May 2024.
After finishing their education and finding work, beneficiaries are expected to repay the loans, guaranteeing the program’s viability for upcoming applicants.
