FG Disburses ₦150bn Interest Free Loans To Over 780,000 Students

FG Disburses ₦150bn Interest Free Loans To Over 780,000 Nigerian Students
Over 788,000 students benefit from interest free loans
Youth innovation and digital programmes expanded nationwide

The Federal Government has disbursed more than ₦150 billion in interest free loans to at least 788,000 Nigerian students under the Nigeria Education Loan Fund initiative, the Minister of Information and National Orientation, Mohammed Idris, has said.

Idris disclosed this on Monday during an end of year media briefing in Abuja, where he outlined key achievements of the President Bola Tinubu administration across critical sectors of the economy.

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EKO HOT BLOG reports that according to the minister, the education sector recorded significant progress in 2025 due to what he described as targeted and catalytic policy interventions aimed at supporting young Nigerians and expanding access to tertiary education.

He said the Nigeria Education Loan Fund has continued to ease the financial burden on students from low income backgrounds by providing tuition support and living stipends without interest charges.

“NELFUND has now supported over 788,000 Nigerian students with interest free loans and stipends amounting to more than ₦150 billion, and the number continues to rise,” Idris said.

Beyond the student loan programme, the minister said the Federal Government rolled out several youth focused initiatives during the year to promote innovation, entrepreneurship and digital skills development.

He disclosed that the Investment in Digital and Creative Enterprises programme became fully operational in 2025, with a multi million dollar venture fund designed to support young Nigerians in the creative and digital economy.

Idris also revealed that the Student Venture Capital Grant was launched to support innovation within tertiary institutions. The scheme provides equity free funding of up to ₦50 million to undergraduate innovators in Science, Technology, Engineering, Mathematics and Medicine related disciplines.

He added that the Three Million Technical Talent programme recorded notable progress as part of efforts to build a globally competitive digital workforce.

The Nigeria Education Loan Fund was established following the signing of the Student Loan Act into law in April 2024. The scheme provides interest free loans to students in public tertiary institutions, with repayment expected after graduation and employment.