169,000 Nigerian Students Benefit from N32.8bn Federal Government Loan

The Federal Government of Nigeria has disbursed N32.8 billion in tuition and upkeep allowances to 169,000 Nigerian students under the Nigerian Education Loan Fund (NELFUND), fulfilling a key campaign promise of President Bola Ahmed Tinubu.

Minister of Information and National Orientation, Mohammed Idris, announced this on Monday while addressing journalists at a press conference. The event marked the beginning of a series of ministerial briefings ahead of Tinubu’s second anniversary in office.

Idris disclosed that out of the total amount, N20 billion was allocated for tuition fees, while N12.8 billion was disbursed as upkeep allowances.

“This initiative is part of President Tinubu’s commitment to ensuring that no Nigerian student is denied access to higher education due to financial constraints,” Idris said.

Government’s Scorecard

Beyond education, the minister highlighted key achievements in security, the economy, and governance. He noted that in 2024, over 8,000 terrorists and bandits were neutralized, 11,600 suspects were arrested, and more than 10,000 weapons were recovered.

“Our highways are safer, with the notorious Abuja-Kaduna road now experiencing significant security improvements,” he added. He also revealed that 8,000 kidnap victims were rescued last year.

On the economy, Idris said Tinubu’s reforms are yielding positive results, citing the removal of petrol subsidies, which has saved the country hundreds of billions of Naira annually.

He also pointed to the introduction of the Electronic Foreign Exchange Matching System (EFEMS), which has enhanced forex transparency, cleared billions of dollars in backlogs, and restored investor confidence.

“Last week, the Naira reached an eight-month high in the official market, while foreign capital inflow into the Nigerian Stock Exchange surged from 4% in mid-2023 to 16% by the end of 2024,” he stated.

Food Security and Economic Growth

Addressing concerns about food inflation, the minister said the government is increasing agricultural investments to drive down the prices of essential commodities.

“We will not impose price controls but will ensure massive food production, allowing supply and demand forces to regulate prices,” he said.

He also revealed that Nigeria secured $5 billion in Final Investment Decisions (FIDs) in the oil and gas sector in 2024, making it the most attractive investment destination in Africa.

As Tinubu’s administration approaches its second anniversary, Idris emphasized that 2025 would be a year of consolidation, building on the progress made in the past 19 months.

The minister reaffirmed the government’s commitment to transparency, stating that ministers will continue to present their scorecards to Nigerians in the coming months.