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The Federal Government has announced that it has disbursed over N80 billion in student loans to Nigerian tertiary institutions, while also unveiling a N100 billion solar energy project for public institutions across the country.
Managing Director of the Nigerian Education Loan Fund (NELFUND), Mr. Akintunde Sawyerr, made the disclosure during the Renewed Hope Student Leaders Engagement held at the University of Port Harcourt, Rivers State. The two-day event was organised by the Office of the Senior Special Assistant to the President on Students Engagement in partnership with the Rivers State Government.
Mr. Sawyerr said the student loan scheme, which is part of President Bola Ahmed Tinubu’s reforms in the education sector, has already received over 745,000 applications, with more than 400,000 students benefiting so far. According to him, the beneficiaries include those whose school fees have been paid directly to their institutions, and others receiving upkeep allowances of N20,000 per month per session.
He explained that the scheme offers two types of loans — the institutional loan for school fees and the upkeep loan for personal expenses. Both loans are interest-free, and the school fees are paid directly to the institutions.
“So far, we have disbursed over N80 billion to Nigerian institutions and students. The applications are still coming in — just in the last 24 hours, we received 2,700 new applications. We are committed to transparency and ensuring this scheme is sustainable,” he said.
He also revealed that the NELFUND law now allows for contributions from private individuals, philanthropists, and non-governmental organisations to boost the fund.
Senior Special Assistant to the President on Students Engagement, Mr. Asefon Dayo, described the engagement as a deliberate effort to bridge the gap between government and students, while also educating campus leaders on federal policies. He noted that the student loan initiative has reduced the number of dropouts in Nigerian universities, polytechnics, and colleges of education.
According to Mr. Dayo, the government has also approved funds for 15 tertiary institutions to set up innovation hubs and entrepreneurship centres, which will include robotics labs, artificial intelligence facilities, and 3D printing workshops.
In the energy sector, the Rural Electrification Agency (REA) announced the launch of the National Public Sector Solarisation Initiative (NPSSI) with an initial investment of N100 billion. The project aims to provide clean, renewable solar energy to schools, hospitals, government offices, and security posts.
Managing Director of REA, Mr. Abba Aliyu, described the initiative as a flagship programme to reduce diesel dependence, cut carbon emissions, and power critical public infrastructure. Phase 0 of the project will be fully funded by the federal government, while later phases will involve private and international investors.
Speaking at the signing of the agreement in Abuja, Director General of the Budget Office of the Federation, Dr. Tanimu Yakubu, said the initiative would help close Nigeria’s energy gap and improve the efficiency of public sector operations.
The Managing Director of Infrastructure Corporation of Nigeria (InfraCorp), Dr. Lazarus Angbazo, called the project a model for the future of infrastructure financing, while the Ministry of Finance Incorporated (MOFI) stressed the need for new business models to lower the cost of power and expand access.
Meanwhile, the Office of the Accountant General of the Federation (OAGF) announced that the federal government has paid the second tranche of the outstanding N35,000 wage award arrears to federal workers. Director of Press and Public Relations, Mr. Bawa Mokwa, said the payment is part of five months arrears, with three more instalments to go.
He dismissed reports that the government had failed to honour its agreement, noting that the arrears will continue to be paid in N35,000 monthly instalments until fully settled.
One of the student participants at the Port Harcourt event, Noble Baridianen of the University of Port Harcourt, said many students were not aware of the loan scheme and called for more awareness so that more young Nigerians can benefit.
The NELFUND, NPSSI, and wage award initiatives are part of the Tinubu administration’s push to improve education, renewable energy adoption, and workers’ welfare in Nigeria.
