President Bola Tinubu, on Sunday, said he has approved N45.6 billion loans for students in tertiary institutions under the Nigerian Education Loan Fund, an initiative of his administration.
Tinubu also restated his commitment to ensuring the empowerment of youths with contemporary skills for the country’s economic development.
The president stated this in his nationwide address following days of #EndBadGovernance protests by Nigerians that have led to killings, looting and destruction of public and property in some parts of the country.
According to the president, in the past 14 months, his government has made significant strides in rebuilding the foundation of the country to give hope to the citizens, especially the youth.
“Our administration has shown its commitment to the youth by setting up the student loan scheme. To date, N45.6 billion has already been processed for payment to students and their respective institutions,” he said.
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The president, therefore, encouraged more youths to take advantage of the opportunities created by his government to better their lives.
“We established the Consumer Credit Corporation with over N200 billion to help Nigerians acquire essential products without the need for immediate cash payments, making life easier for millions of households.
“This will consequently reduce corruption and eliminate cash and opaque transactions. This week, I ordered the release of an additional N50 billion each for NELFUND, the student loan, and Credit Corporation from the proceeds of crime recovered by the EFCC,” he added.
Tinubu also said the Federal Government has secured $620 million under the Digital and Creative Enterprises (IDiCE), a programme to empower young people, creating millions of IT and technical jobs that will make them globally competitive.
“These programmes include the 3 Million Technical Talents Scheme. Unfortunately, one of the digital centres was vandalised during the protests in Kano. In addition, we have introduced the Skill-Up Artisans Programme (SUPA); the Nigerian Youth Academy (NIYA); and the National Youth Talent Export Programme (NATEP).
“Also, more than N570 billion has been released to the 36 states to expand livelihood support to their citizens, while 600,000 nano-businesses have benefited from our nano-grants. An additional 400,000 more nano-businesses are expected to benefit,” he said.
Read also: Here are five categories of undergraduates ineligible for student loan
The president also disclosed that 75,000 beneficiaries have been processed to receive N1million Micro and Small Business single-digit interest loans, starting this month.
“We have also built 10 MSME hubs within the past year, created 240,000 jobs through them and 5 more hubs are in progress which will be ready by October this year. Payments of N1billion each are also being made to large manufacturers under our single-digit loans to boost manufacturing output and stimulate growth,” he said.
He assured Nigerians, especially the youth of his government’s commitment to listening and addressing their concerns.
However, he urged the youth not to allow violence and destruction tear the country apart.
Read also: What you need to know about the Student Loan Bill passed today
“We must work together to build a brighter future, where every Nigerian can live with dignity and prosperity. The task before us is a collective one, and I am leading the charge as your president.
“A lot of work has gone into stabilising our economy and I must stay focused on ensuring that the benefits reach every single Nigerian as promised. My administration is working very hard to improve and expand our national infrastructure and create more opportunities for our young people,” he noted.
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