Nigeria at 65: Tinubu Announces N99.5bn Student Loan Disbursement

Nigeria’s 65th Independence Anniversary was marked with a renewed pledge by President Bola Ahmed Tinubu to empower young people and strengthen the nation’s economy through bold reforms and targeted initiatives.

In a nationwide address from the Presidential Villa, Abuja, Tinubu described Nigerian youths as the “greatest assets” of the country, encouraging them to embrace innovation in science, technology, sports, arts, and the creative industry.

NELFUND Student Loan Scheme

The President revealed that the Nigerian Education Loan Fund (NELFUND) has disbursed N99.5 billion in student loans and N44.7 billion in upkeep allowances, directly benefitting over 510,000 students in 228 higher institutions nationwide.

According to him, the scheme was designed to remove financial barriers to education and give young Nigerians the opportunity to thrive academically and professionally.

Affordable Credit and Youth Support

Tinubu also disclosed that under the Credicorp scheme, affordable loans worth N30 billion have been granted to more than 153,000 Nigerians for essential needs such as vehicle ownership, solar energy, home improvements, and digital devices.

In addition, the YouthCred programme, introduced earlier this year, has begun providing consumer credit to members of the National Youth Service Corps (NYSC) to aid their resettlement after service.

Technology and Creative Sector Development

Speaking on innovation, the President confirmed that the Investment in Digital and Creative Enterprises (iDICE) programme is nearing full implementation. The initiative, supported by the Bank of Industry, African Development Bank, French Development Agency, and Islamic Development Bank, is expected to boost Nigeria’s technology and creative sectors while creating sustainable jobs.

Addressing Economic Challenges

Tinubu acknowledged the short-term difficulties caused by ongoing economic reforms, including inflation and high living costs, but emphasized that avoiding these measures would have pushed the nation toward financial instability.

“The sacrifices being made today are laying a foundation cast in concrete, not on quicksand,” he said, adding that real progress will be measured in improved food security, quality education, reliable electricity, and safer communities.

Call for Productivity and National Unity

Urging citizens to embrace productivity, Tinubu encouraged Nigerians to prioritize locally made goods, invest in agriculture, and support industrial growth.

“Let us be a nation of producers, not just consumers. Let us farm our land, build factories to process our produce, and prioritise ‘Made-in-Nigeria’ goods. I say Nigeria first,” the President declared.

He concluded by assuring citizens that a more prosperous, self-reliant Nigeria is within reach, calling for unity and collective effort in nation-building.