Tinubu Says Student Loans Will Help Poor Families Keep Kids in School

President Bola Tinubu has said the Nigerian Education Loan Fund (NELFUND) will help children from poor families stay in school. He wants to make sure they do not drop out of higher education because their parents cannot pay the fees.

In his Independence Day speech on Thursday, Mr Tinubu mentioned the student loan program as part of his government's plans to help vulnerable Nigerians.

“It is why the Nigerian Education Loan Fund is ensuring that the child of a low-income family need not surrender the dream of higher education simply because his parents cannot afford the fees,” Mr Tinubu said.

The president also connected the student loan program to his goal of reducing poverty and creating more chances for young Nigerians.

“These programmes are not substitutes for prosperity. They are a bridge to aid our nation’s citizens on their path towards it. Our objective is not to manage poverty more efficiently.”

He stated that the government will increase support for poor families while also working on economic growth.

Mr Tinubu explained that the goal is not just to manage poverty but to build an economy that creates real opportunities for Nigerians.

The student loan program set up by Mr Tinubu’s government gives interest-free loans to Nigerian students in public universities. This helps with school fees and living expenses.

NELFUND reported that over 1.4 million students from 356 tertiary institutions have used the program since it started in 2024.

The Fund pays students’ school fees directly to their universities and also gives an optional ₦20,000 monthly allowance for upkeep.