Says 169,000 indigent students got N32.6bn from NELFUND
The federal government Tuesday stated that with the on-going reforms of the All Progressives Congress (APC)-led government, Nigeria has emerged the most attractive destination for oil and gas investments in Africa in 2024, securing over $5 billion in Final Investment Decisions (FIDs).
It also described 2025 as a year of consolidation, while building on the progress made in the first 19 months of the Bola Ahmed Tinubu administration as it approaches its mid-term.
Similarly, the government said it had disbursed N32.8 billion to over 169,000 indigent students through the Nigerian Education Loan Fund (NELFUND).
Out of this amount, it said, N20 billion was for tuition fees and N12.8 billion for upkeep allowances for the students.
The Minister of Information and National Orientation, Mohammed Idris Malaga, disclosed this at a press briefing in Abuja.
The press briefing heralded its regular ministerial press briefing, highlighting the sectoral achievements of the administration.
While speaking on the economic gains recorded under the Tinubu-led government, the minister said the reforms were delivering significant results across key sectors, particularly with the removal of fuel subsidy, which, according to him, had successfully plugged leakages amounting to hundreds of billions of Naira annually.
He said the introduction of the Electronic Foreign Exchange Matching System (EFEMS) in December 2023 had enhanced transparency in foreign exchange transactions and facilitated the clearance of billions of dollars in backlogs, and restored investor confidence to the country.
“Last week, the Naira reached an eight-month high in the official market, while foreign capital inflow into the Nigerian Stock Exchange rose from 4% in mid-2023 to an average of 16% by the end of 2024,” he said.
Additionally, he said, in 2024, Nigeria emerged as the most attractive destination for oil and gas investments in Africa, securing over $5 billion in Final Investment Decisions (FIDs).
The minister described 2025 as a year of consolidation, building on the progress made in the first 19 months of the Tinubu administration as it approaches its mid-term.
“Over the next three months, as we approach the second anniversary of President Bola Ahmed Tinubu Administration, we will bring Honourable Ministers to this platform, on a weekly basis.
“This year 2025 is a year of consolidation, a year for building on the gains we have seen in the first 19 months of the administration. This maiden edition for 2025 is an opportunity to remind us of these gains, and to set the context in which these gains are being recorded, as we proceed into the mid-point of this administration,” he said.
…On NELFUND
On student loan, he said the sum of N32.8 billion was disbursed to over 169,000 indigent students through the NELFUND.
Idris said the disbursement was part of efforts of the administration of President Bola Ahmed Tinubu at ensuring that no Nigerian child is unable to attend higher institution on account of poverty.
Speaking on sustainability of the programme, the minister said it is transparent and has the capacity to enroll as many that are qualified.
“When the students’ loan scheme started, the federal government made provisions for 500,000 people. As of today, only 169,000 have been captured. This means there is still space for more people.
“The programme is very straight forward and streamlined scheme. All those who were qualified have been taken. If your application didn’t sail through, it is because you didn’t meet the criteria. It is purely an online thing and there is no discrimination about it.
“If you get admission today and you are enrolled, you are assured of the subsequent year until you graduate. That is the standard. We don’t want a situation where you get the loan for the first year and you are unable to continue with education in the subsequent years.
“The is why the loan is divided into two. The first part is school fees while the second is upkeep allowance,” he said.
…Arbitrary pricing
Also answering questions on the possibility of the government controlling the price of food given the high price of food in the market despite government efforts, the minister ruled out price control for now.
He said the current administration was investing massively in agriculture and at the same time encouraging private sector investment in the sector in order to drive down food prices.
Dissecting the price challenge, the minister said: “You know in the past, we used to have these commodity boards where prices were fixed, but in the spirit of free market and encouraging entrepreneurship, especially within the agricultural value chain, government didn’t feel that it was necessary for them to begin to control prices now.
“What government is doing is to ensure that there is massive production of food. Food price is a supply and demand issue. Once you have whatever you need in abundance, the tendency is that the price will automatically come down.
“However, this government is also a very dynamic one. Government is a listening one. This is what government is doing at the moment. If we go further and we still feel that there’s a need for that, the president or the Federal Executive Council can look at that, maybe.
“Now I’m not saying the government wants to control prices of food, and I don’t want to be reported as saying that. What I’m saying is that now the government feels there should be a market that is free, a market that people can operate within, a market where young and educated people can invest in agriculture and make profit.
“Look at what is happening in Nigeria. In many states, people are massively investing agriculture, and if this trend continues in the next few years, Nigeria will certainly be sufficient in food production.”
…Insecurity
While speaking on the successes in the security sector, Idris said in 2024, the security forces neutralised more than 8,000 terrorists and bandits, and arrested 11,600 others, with more than 10,000 weapons recovered.
He stated that with the government’s sustained efforts against terrorists and bandits, the nation’s highways were becoming increasingly safer.
“While we still have a lot of work ahead, our highways have grown safer. The hitherto notorious Abuja-Kaduna highway is one example. As I said, there’s still much more to be done, and we will not relent in our effort.
“Additionally, about 8,000 kidnap victims were successfully rescued. We will continue to work to drive down the number of victims while scaling up our success stories in terms of deterrence, crime-solving, and prosecutions,” Idris said.
The minister added that following their designation as a terrorist organisation by a Federal High Court, security forces were now empowered to apply maximum force against the Lakurawa armed group.
…CNG initiative
Speaking on the benefits of the Compressed Natural Gas (CNG) initiative, Idris said: “The Tinubu Administration has directly invested over $450 million in the development of Nigeria’s Compressed Natural Gas (CNG) value chain, through the Presidential CNG Initiative.
“This has helped unlock additional private sector financing, and the results are emerging speedily: from seven CNG conversion centers in Nigeria in 2023, we now have over 150 across the country and counting.”
