- Disburses N99.5bn In Student Loans
President Bola Tinubu has declared that Nigeria has “turned the corner” towards economic prosperity, assuring citizens that the worst is behind them.
The president made the declaration in his national broadcast, yesterday, to mark Nigeria’s 65th Independence anniversary.
“I am pleased to report that we have finally turned the corner. The worst is over.“ Yesterday’s pains are giving way to relief,” he said.
Tinubu applauded Nigerians for their resilience and support, reaffirming his administration’s commitment to delivering on its promises.
“I salute your endurance, support, and understanding.” I will continue to work for you and justify the confidence you reposed in me to steer the ship of our nation to a safe harbour,” he said.
He recalled that his administration inherited a near-collapsed economy, weakened by decades of fiscal mismanagement and distorted policies.
“Upon assuming office, our administration inherited a near-collapsed economy caused by decades of fiscal policy distortions and misalignment that had impaired real growth,” he said. Tinubu said his government had a choice to continue with the status quo or pursue bold reforms to rescue the nation.
He stressed that without the tough decisions, Nigeria would have drifted into deeper economic crisis.
The president noted that within three years, the seeds of reforms in the removal of the corrupt fuel subsidy and unified foreign exchange are beginning to bear fruit.
He said these bold steps dismantled incentives that sustained a rent-seeking economy and redirected resources to priority sectors.
Tinubu said his administration had redirected the economy towards a more inclusive path.
His administration, he said, had been channelling money to fund education, healthcare, national security, agriculture, and critical economic infrastructure such as roads, power, broadband, and social investment programmes. Tinubu called for collective action to accelerate development, warning that Nigeria remained in a race against time on infrastructure.
“We are racing against time. All hands must be on deck to fast track development and deliver the promise of a greater Nigeria,” he said.
Meanwhile President Bola Tinubu has reaffirmed his administration’s commitment to empowering Nigerian youths and consolidating economic reforms, as the country marked its 65th Independence Anniversary.
The President highlighted several initiatives rolled out to support education, entrepreneurship, and youth development. He disclosed that the Nigerian Education Loan Fund (NELFUND) had so far disbursed N99.5 billion in student loans and N44.7 billion in upkeep allowances to about 510,000 students across 228 higher institutions in the country.
“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,” he said.
He added that the Credicorp scheme had granted N30 billion in affordable loans to 153,000 Nigerians for vehicles, solar energy, home upgrades, and digital devices.
Similarly, he said the Youth Cred programme, launched in June, had begun offering consumer credit to National Youth Service Corps (NYSC) members to aid their resettlement.
Tinubu further noted that the investment in Digital and Creative Enterprises (iDICE) programme, jointly implemented with the Bank of Industry, African Development Bank, French Development Agency, and Islamic Development Bank, was at the verge of full implementation.
