The Federal Government (FG) says it has spent more than ₦150 billion supporting nearly 788,000 Nigerian students under the Nigeria Education Loan Fund (NELFUND) initiative, an interest-free student loan programme aimed at expanding access to tertiary education nationwide.
The announcement was made on Monday at an end-of-year news conference held in Abuja by the Minister of Information and National Orientation, Alhaji Mohammed Idris. According to the minister, the figure reflects disbursements on interest-free loans and stipends to students enrolled in public tertiary institutions.
“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, underscoring what the government views as a signature achievement in education policy for 2025.
Idris described 2025 as a “bumper year for targeted and catalytic policymaking and implementation,” particularly for programmes that directly benefit young Nigerians:
He highlighted the Federal Government’s Investment in Digital and Creative Enterprises (iDICE) programme, which officially launched this year and is structured around a multi-million-dollar venture fund aimed at supporting digital and creative entrepreneurship.
The Student Venture Capital Grant (S-VCG) was also introduced, offering equity-free financing of up to ₦50 million to undergraduate innovators in Science, Technology, Engineering, Mathematics and Medicine (STEMM) fields at accredited institutions. Idris said the programme is designed to nurture entrepreneurship “on campuses and turn the brightest minds into job creators, not just job seekers.”
The minister also pointed to progress under the Three Million Technical Talent (3MTT) programme, which he said is building “Africa’s largest digital workforce.”
The Nigeria Education Loan Fund was established to administer the Nigeria Student Loan Scheme, signed into law by President Bola Ahmed Tinubu in April 2024.
Government officials say the NELFUND scheme is intended to ease the financial burden on students and families, enabling more Nigerians to complete tertiary education without being constrained by tuition costs or living-expense shortfalls.
However, previous reports tracking the scheme’s rollout suggest that disbursements have risen progressively over time. For example, official data showed that about 788,947 students had benefited from approximately ₦140.9 billion in accumulated disbursements as of late November 2025, with funds paid both directly to institutions for tuition and to students as upkeep allowances.
