Abuja (Nigeria):On Wednesday, President Bola Tinubu disclosed that the Nigerian Education Loan Fund (NELFUND) had so far disbursed N99.5 billion in student loans and N44.7 billion in upkeep allowances to about 510,000 students across 228 higher institutions in the country.
He made this known in his 65th Independence Anniversary speech, reaffirming his administration’s commitment to empowering Nigerian youths and consolidating economic reforms as the country marked its.
In a national broadcast from the Presidential Villa, Abuja, Tinubu described young Nigerians as the “greatest assets” of the nation, urging them to dream big and innovate across science, technology, sports, arts, and the creative sector.
The President highlighted several initiatives rolled out to support education, entrepreneurship, and youth development.
“Our administration, through policies and funding, will continue to give you wings to fly sky-high. We created NELFUND to support students with loans for their educational pursuits. Approximately 510,000 students across 36 states and the FCT have benefited from this initiative, covering 228 higher institutions,” he said.
He added that the Credicorp scheme had granted N30 billion in affordable loans to 153,000 Nigerians for vehicles, solar energy, home upgrades, and digital devices.
Similarly, he stated that the YouthCred programme, launched in June, had started offering consumer credit to National Youth Service Corps (NYSC) members to assist with their resettlement.
Tinubu further noted that the investment in the Digital and Creative Enterprises (iDICE) programme, jointly implemented with the Bank of Industry, the African Development Bank, the French Development Agency, and the Islamic Development Bank, was nearing full implementation.
This, he said, was to support the technology and creative sectors.
Regarding the state of the economy, the President acknowledged that ongoing reforms had caused temporary pain, with inflation and high living costs affecting citizens.
“The alternative of allowing our country to descend into economic chaos or bankruptcy was not an option.
” Sacrifices made were laying a new foundation cast in concrete, not on quicksand,” he said.
He said the objective measure of progress would be seen not only in statistics but also in food security, quality education, reliable electricity supply, and safer communities.
Tinubu urged state and local governments to complement federal efforts by boosting productivity, innovation, and enterprise.
“Let us be a nation of producers, not just consumers. Let us farm our land and build factories to process our produce. Let us patronise ‘Made-in-Nigeria’ goods. I say Nigeria first,” he declared.
The President assured citizens that the dawn of a new, prosperous, and self-reliant Nigeria was within reach, calling on all Nigerians to support the nation-building process.
