President Bola Ahmed Tinubu emphasized the importance of his administration’s economic reforms during a meeting at the State House in Abuja on Thursday. He explained that the main goal of these reforms is to protect the interests of future generations.
“For 50 years, Nigeria spent the wealth of generations yet unborn while providing fuel for the West coast of our subregion. It was becoming difficult to plan for our children’s future,” he stated. where he served as a Senator representing Lagos West.
Tinubu acknowledged the challenges his administration faced when he took office, particularly regarding economic and social issues. He expressed gratitude for the support he received from the delegation in tackling these difficulties. “We faced serious challenges when I took over. Nigeria would have been bankrupt if we hadn’t taken decisive actions to prevent the economy’s collapse,” he said.
He noted that thanks to collective efforts, the country is now on a stronger path. “Today, we are on a solid foundation. The exchange rate is stabilizing, and food prices are decreasing, especially during Ramadan. We will see light at the end of the tunnel,” he added.
The President also stressed that staying true to democratic principles is essential for economic, social, and political development. He thanked the delegation for their commitment to democracy and the journey they have shared.
Senator Emmanuel Chiedoziem Nwaka, speaking on behalf of the group, praised some of the initiatives introduced by the Tinubu administration, such as the Nigerian Education Loan Fund (NELFUND) and the Nigerian Consumer Credit Corporation (CREDICORP). He highlighted the positive impact these programs have on students, who represent the largest demographic in Nigeria.
“I appreciate what you are doing for students. Many of them have benefited from NELFUND. CREDICORP is also a great way to help young people achieve their dreams, whether it’s buying a car or a house,” he said.
Also Read: Tinubu: I Removed Fuel Subsidy to Safeguard Future Generations
Other members of the delegation included Senator Bako Aufara Musa, Hon. Terwase Orbunde, Hon. Wasiu Logun, Hon. Amina Aliyu, High Chief Obi Anoliefo, and Hon. Eze Nwauwa.
Overall, President Tinubu’s remarks underscore a critical reflection on how for 50 years, Nigeria spent the wealth of generations yet unborn, emphasizing the need for sustainable economic practices that prioritize future prosperity.
Assessing the impact of NELFUND and CREDICORP in Nigeria
The Nigerian Education Loan Fund (NELFUND) is a government initiative established under the Student Loans (Access to Higher Education) (Repeal and Re-enactment) Act of 2024. Signed into law by President Bola Tinubu on April 3, 2024, NELFUND aims to provide accessible, interest-free loans to Nigerian students pursuing higher education in accredited institutions across the country.
Since its May 2024 launch, NELFUND has disbursed over ₦56 billion—spanning ₦30 billion in tuition and ₦26 billion in upkeep—to nearly 300,000 students across 198 institutions. Over 600,000 registered, 93% of applications succeeded, and daily approvals surged 145–177% on some days
The Nation Digest News gathered that So far, they’re over 282 Institutions, 452,861 students registered and over 347,000+ applications in it’s first year.
Challenges and controversies
Despite strong uptake, NELFUND has faced pushback: the ICPC flagged discrepancies—suggesting only ₦44 billion had been disbursed despite ₦203 billion released—though NELFUND disputes this, citing automated, traceable payments . Additionally, NGOs like ActionAid reveal that over 50 institutions imposed illegal fees on students, prompting calls for audits and accountability.
What Beneficiaries Say About NELFUND
@Rilwanabubakar0 wrote: Nelfund una dey always turn up! I just woke up to your credit alert, may God bless @officialABATE no still mean say I go vote am 2027
@Temmy_Dayo_ wrote: Pay upkeep to thousands of students that corrected their accounts details since last year And even our April payment status is showing “disbursed” when we have not received any upkeep at all. You people are thieves. You people are not transparent at all.
@sulaimon_daud_d worte; pls consider us that changed our bank details now. I’ve been approved since November last year but I’ve not received the stipend at all and to top it all my portal was showing disbursed for April receive any payments from nelfund. Not only me a lot of people are having having …
@ExynosBrain wrote: Last month you delayed upkeep, upkeep that was supposed to be paid by 11th of Last month was delayed till 22nd. I’d have considered it wise to see that you paid by 11th, obviously, you guys ain’t serious in the first place.
How to Apply for NELFUND
1. Visit the official portal
Go to nelf.gov.ng and click “Apply Now”, then “Get Started”
2. Confirm your eligibility
Indicate that you’re a Nigerian citizen, enrolled in a public tertiary institution (currently federal; state and vocational schools included in later phases)
3. Verify educational details
Choose your school from the dropdown, enter your matriculation number, and click “Verify with JAMB”. If your NIN isn’t linked to JAMB, you may use the NIN instead for validation
4. Create and confirm your account
Provide a valid email and password, then activate your account via the verification link sent to your inbox .
5. Complete your profile
After logging in:
- Update contact info (phone, address, state/LGA)
- Re-enter academic details for confirmation
- Provide BVN, bank account number, and bank name, then save
6. Request the loan
Click “Request for Student Loan”, indicate if you need upkeep funds, upload your admission letter (mandatory), and optionally your student ID or fee invoice. Confirm terms and proceed
7. Submit your application
Review the loan overview, agree to Terms & Conditions and Global Standing Instruction (GSI), and submit. Use the “Loans” tab to track its status
CrediCorp (Consumer Credit Corporation)
Expanding consumer credit
CrediCorp launched a civil‑servant‑first loan program late 2024. By November, it served 25,000 public‑sector employees and began extending to the general public It supports financing for goods and services from CNG vehicle conversions to solar panels and appliances via partnerships with Ecobank
Strategic partnerships
CrediCorp links with Ecobank to distribute low‑interest, fixed‑rate loans repayable over two years for essentials like school fees, rent, medical bills, and solar kits. The government allocated ₦50 billion initially and scaled back higher (some estimates exceed ₦100 billion) to support credit expansion .
What Beneficiaries Say About NELFUND
@ChiHerbert9 wrote: Is it only accessible to civil servants? What about private businesses and SMes..?
Bawa A. Hauwa wrote: I completed some of my buildings in my village with CREDIT CORP
How to Apply for CREDICORP Credit
How to Apply for CREDICORP Credit
1. Express Interest First
Visit the official CREDICORP site https://www.credicorp.ng/ and complete their “Express Your Interest” form. This submits your intention to access consumer credit under the federal scheme
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