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Says N99.5bn Loan, N44.7 Upkeep Allowance Disbursed under NELFUND
- Safiu Kehinde
President Bola Tinubu has reassured Nigerian youths of his administration’s commitment to support their dreams and aspirations as he disclosed that a total loan of N99.5 billion and N44.7 billion upkeep allowance have been disbursed to 510,000 students across the country under the Nigerian Education Loan Fund (NELFUND) initiative.
Tinubu made this known during his address in a national broadcast in celebration of the country’s 65th Independence Day anniversary on Wednesday.
The President in his address charged the youths to continue to dream big and exploit various fields as he described them as the nation’s future and greatest assets.
“I have a message for our young people. You are the future and the greatest assets of this blessed country.
“You must continue to dream big, innovate, and conquer more territories in your various fields of science, technology, sports, and the art and creative sector.
“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.
“As of September 10, the total loan disbursed was N99.5 billion, while the upkeep allowance stood at N44.7 billion.” He said.
The President also noted that Credicorp, another initiative of his administration, has granted 153,000 Nigerians N30 billion affordable loans for vehicles, solar energy, home upgrades, digital devices, and more.
He further mentioned the thousands of the National Youths Service Corp (NYSC) members have benefited from the YouthCred initiative, consumer credit for resettlement introduced to them last year June.
The President also noted other initiatives and the Federal Government’s collaboration with development banks in launching programmes to empower youths in the technology and creative sectors.
“Under our Renewed Hope Agenda, we promised to build a Nigeria where every young person, regardless of background, has an equitable opportunity to access a better future—thus, the Investment in Digital and Creative Enterprises (iDICE) programme.
“The Bank of Industry is driving the programme, in collaboration with the African Development Bank, the French Development Agency, and the Islamic Development Bank.
“This initiative is at the cusp of implementation. Over the last two years, we have collaborated with our partners to launch the programme, supporting our young builders and dreamers in the technology and creative sectors.” He said.