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With over 139 million Nigerians experiencing multidimensional poverty and a significant portion of the youth population facing unemployment, these government initiatives are designed to provide financial relief and foster economic resilience.
From educational financing to credit facilities for workers and grants tailored for micro-businesses, here are five prominent government-backed programmes currently accessible to Nigerian citizens.
Nigerian Education Loan Fund (NELFUND): Supporting Students’ Academic Journey
The Nigerian Education Loan Fund (NELFUND) stands out as a pivotal programme, offering financial assistance to students enrolled in public universities who are grappling with soaring tuition fees.
With some institutions doubling their fees recently, many students faced the risk of discontinuing their studies. NELFUND has been instrumental in enabling thousands to remain enrolled by covering tuition costs and providing a monthly allowance of ₦20,000 for six months over two semesters.
As of mid-2025, over 396,000 students have benefited from more than ₦77 billion disbursed through this fund.
Applicants must possess a National Identification Number (NIN), Bank Verification Number (BVN), and basic personal information. Both prospective students awaiting admission and current full-time students are eligible, except those on government scholarships or with records of misconduct such as plagiarism, cultism, drug-related offenses, or examination malpractice.
Repayment commences two years after completing the National Youth Service Corps (NYSC), with a modest deduction of 10% from the beneficiary’s salary or business income. Graduates who are self-employed also remit 10% of their earnings, with options for repayment extensions and voluntary early payments.
Consumer Credit Scheme (CrediCorp): Facilitating Everyday Financing
CrediCorp was established to simplify access to consumer credit for Nigerians seeking to finance daily needs or enhance productivity. It encompasses three key projects:
Project C.A.L.M:
Focused on promoting sustainable energy solutions, this initiative assists individuals in converting vehicles to Compressed Natural Gas (CNG) or installing solar power systems at home, helping reduce fuel and electricity expenses. Thousands have already benefited from this support.
Project S.C.A.L.E:
This project aims to stimulate local manufacturing by enabling businesses to procure goods and services from Nigerian producers, thereby boosting industrial output and generating employment.
YouthCred:
Targeted at young Nigerians, particularly NYSC members, YouthCred offers loans ranging from ₦5,000 to ₦5 million based on individual requirements.
To date, CrediCorp has disbursed approximately ₦3.5 billion through partner financial institutions.
Loans for Micro, Small, and Medium Enterprises (MSMEs): Strengthening Nigeria’s Economic Backbone
MSMEs form the cornerstone of Nigeria’s economy but often face challenges such as high operational costs and limited access to funding.
To address this, the government, via the Bank of Industry (BOI), offers loans with single-digit interest rates up to ₦5 million. These loans carry a 9% interest rate, a grace period of three months, and a repayment tenure of up to three years.
Eligible businesses span sectors including agriculture, manufacturing, and food production, provided their activities align with the programme’s objectives.
Additionally, the government recently secured a $500 million loan from the World Bank dedicated to MSME development, underscoring its commitment to this vital sector.
Tertiary Institutions Staff Support Fund (TISSF): Easing Financial Strain for Academic and Non-Academic Workers
The TISSF initiative targets employees of universities, polytechnics, and colleges, both academic and non-academic, aiming to alleviate financial pressures and provide access to funds for various personal and professional needs.
Beneficiaries can borrow up to ₦10 million, repayable over five years.
Loans can be utilized for:
- Healthcare expenses
- Family-related costs
- Support for small business ventures
- Further education
- Housing needs
- Transportation
Given the frequent disruptions and funding challenges in tertiary education, this fund offers a crucial financial buffer for eligible staff members.
Presidential Conditional Grant Scheme: Empowering Nano-Businesses Without Repayment Burden
Launched in 2024 as part of the Presidential Palliative Programme, this grant targets nano-businesses-the smallest scale enterprises in Nigeria-providing ₦50,000 with no repayment obligation.
Supported sectors include:
- Food services and catering
- Trading activities
- Transportation
- Information and Communication Technology (ICT)
- Creative industries
- Artisan crafts
The scheme prioritizes vulnerable groups with the following allocation:
- 70% to women and youth
- 10% to persons with disabilities
- 5% to senior citizens
- 15% to other eligible recipients
The government set an ambitious goal to reach 1 million beneficiaries, and recent reports indicate that nearly 900,000 Nigerians across various states and the Federal Capital Territory have already received support.
