The Federal Government has disbursed over N80 billion in student loans and unveiled a N100 billion National Public Sector Solarisation Initiative (NPSSI) to provide clean energy to public institutions across the country.
Managing Director of the Nigerian Education Loan Fund (NELFUND), Akintunde Sawyerr, disclosed the disbursement on Friday during the Renewed Hope Student Leaders Engagement at the University of Port Harcourt.
The event was organised by the Office of the Senior Special Assistant to the President on Students Engagement, in partnership with the Rivers State Government.
Sawyerr said the fund had received over 745,000 applications, with more than 400,000 students already benefiting from the scheme.
“So far we have over 745,000 Nigerians who have applied for this loan. Out of this number, we have over 400,000 students who are benefiting from this loan.
They have their school fees paid at tertiary level and some of them who have applied for upkeep are receiving N20,000 per month, per session,” he said.
“So far we have disbursed over N80 billion to Nigerian institutions and Nigerians who are benefiting from the loan. In the last 24 hours we had 2,700 applications. We are processing them.”
He emphasised the scheme’s transparency, noting that it allows funding from non-governmental sources such as philanthropists, NGOs, and private donors.
According to him, applicants can access two interest-free loan types the institutional loan, which is paid directly to schools, and the upkeep loan for personal support.
In his remarks, Senior Special Assistant to the President on Students Engagement, Asefon Dayo, described the event as a platform to strengthen ties between students and the government.
“Our mission is clear to engage student leaders meaningfully, inform them about the far-reaching reforms of President Bola Ahmed Tinubu in education and youth development, and hear from them directly,” he said.
Dayo highlighted other initiatives, including funding for innovation hubs and entrepreneurship centres in 15 institutions, covering labs for electronics, robotics, artificial intelligence, 3D printing, and more.
He also pointed to increased tertiary education funding, digital and vocational training programmes, renewable energy projects for campuses, medical school rehabilitation, and the introduction of the Students Industrial Work Experience scheme.
One participant, Noble Baridianen of the University of Port Harcourt, commended the initiative, noting that many students were unaware of available government support.
He called for greater awareness campaigns to ensure wider participation.
Meanwhile, the Rural Electrification Agency (REA) announced the launch of the N100bn NPSSI, a flagship programme to deploy distributed solar energy solutions in schools, hospitals, security posts, and other public institutions.
The REA signed a Memorandum of Understanding with the Budget Office of the Federation, Infrastructure Corporation of Nigeria (InfraCorp), and the Ministry of Finance Incorporated (MOFI) to formalise the initiative.
REA Managing Director, Abba Aliyu, said the programme aims to reduce diesel dependence, cut carbon emissions, and boost local renewable energy manufacturing.
“The NPSSI is part of a broader strategy to position Nigeria as the renewable energy hub of Africa, while promoting innovation, local manufacturing, and sustainability in energy infrastructure financing,” he stated.
The Federal Government also confirmed payment of the second tranche of the outstanding N35,000 wage award arrears to federal workers.
