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Renewed Hope: N32b Student Loan Scheme – Tinubu kicks off payment as 164,000 students register for the program

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With a signal from President Bola Ahmed Tinubu, the Student Loan Scheme, one of the cardinal programmes of the administration, commenced yesterday.

The N32 billion made available for the programme will be given as loans to successful applicants.

According to the Nigeria Education Loan Fund (NELFUND) – the agency running the scheme, 103,000 successful applications were received.

It said 164,000 students were registered between May 25 when the portal opened and July 17.

The President gave out dummy cheques to students and some vice-chancellors to symbolically kick-start the scheme.

The Student Loan Scheme is a novelty meant to make loans available to indigent students or those unable to pay their fees so that they do not drop out of school.

“No student will drop out of school again just because he has no means to pay the fee,” the President had declared while announcing the scheme.

Beneficiaries’ tuition will be paid directly to the institution, while only the stipend will be paid to successful applicants.

President Tinubu declared education as the biggest weapon against poverty and the most effective battle axe to fight insecurity.

He said: “What I believe is that education is the greatest weapon against poverty in any society.

“Without education, there is no vision, there is no development, you cannot successfully conquer insecurity.

“Education is that light at the end of the tunnel. No matter how sluggish you move, it will give you the light and the hope.

“We are investing; we don’t want to try ignorance as an alternative, we want education from foundations to the topmost level.

“Today (yesterday), I am fulfilling one of my greatest campaign agendas. You cannot find your way if you are not well educated, you cannot even fight terrorism and banditry.

“If we have a successful inclusive loan that is necessary for our people to get educated and invest in their own lives, we would have built a fair society and a promise that we will earn a banner without stain to our children.”

NELFUND’s Executive Secretary/Managing Director Akintunde Sawyerr restated that the scheme aims to empower youths by removing financial barriers to their academic pursuit.

Reeling out NELFUND’s progress since the launch, Sawyerr said the Fund got key amendments to its Establishment Act on April 3, 2024, and secured dashboard metrics on May 25.

He explained that students applied for two types of loan – educational fees which are sent directly to their institutions of learning and application for upkeep fund, which serves as their monthly stipend

“Institutions collected cheques for multiple applications but students cannot get stipend unless their fees are picked by NELFUND,’’ said Sawyerr.

Sawyerr told reporters after the launch that there was a higher demand for loan from students of tertiary institutions in the North.

He attributed the trend to their proactive approach and effective networking.

However, he noted that there is growing awareness and interest by students in the South, despite initial scepticism.

The NELFUND boss added that universities have the highest demand for loans, followed by polytechnics and teacher training colleges.

He said: “Institutions in the north have been very proactive in supporting and helping their students and in providing their data to us.

‘’They seem to be very well organised in terms of networking.

“In the Southern part of the country, there’s growing awareness and there’s growing interest.

“I think there’s been a lot of scepticism, generally and I think the most sceptical parts of the country are in the South. They question everything: is it true, is it real, is it a scam?

“This disbursement programme is to say that ‘this is NO FUND, this is NELFUND.’

“We’re trying to ensure that people know that this is not a trick, it’s not a game.

“So, I think we’ll see the scepticism that you can find mainly in the Southern part begin to disappear when we start paying out.”

He added: “In terms of the three levels of institutions, the universities are the ones with the highest demand for the loans.

“It’s followed by the polytechnics and then the teacher training colleges.’’

The Executive Secretary said private institutions are excluded from the scheme because they charge higher tuition.

He thanked President Tinubu ‘’for having the vision and the courage to do what he has just done.’’

“I am sure you’ve all heard that fortune favours the brave and this courageous move will bring fortune not just to him, but to the entire nation,” he said.

National Association of Nigerian Students (NANS) President Lucky Emonefe described the take-off of the scheme as a new dawn for students.

“Today we are excited. Nigerian students are happy that the dream has come true.

“It was once a dream; it has become an act and today is the presidential launch and disbursement,’’ he said.

Present at the launch were Senate President Godswill Akpabio, Speaker of the House of Representatives Abbas Tajudeen; Wale Edun (Minister of Finance and Coordinating Minister of the Economy), Abubakar Bagudu (Budget and Economic Planning minister), Mamman Tahiru (Education minister) and Jamila Bio-Ibrahim (Youths minister).

Chairman NELFUND board Jim Ovia thanked the President for the privilege to serve.

He referred to the United Nations Sustainable Development Goals, of which education is number four.

“The President has recognised that. We are all grateful to him for NELFUND,” Ovia said.

Central Bank of Nigeria (CBN) Governor Olayemi Cardoso, Federal Inland Revenue Service (FIRS ) Chairman Zach Adedeji, Acting Executive Secretary of National Universities Commission (NUC) Chris Mayaiki and Joint Admissions and Matriculation Board Chairman Ishaq Oloyede were also in attendance.

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Opeifa Defends Rail Reforms, Unveils Nationwide Expansion Roadmap

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Opeifa maintained that derailments are not peculiar to Nigeria, noting that such incidents occur across advanced rail systems globally.

“Derailments are regular occurrences in the rail sector worldwide. In February alone, there were incidents in countries like Britain and others. Around the same time we experienced one, there were multiple derailments across the world,” he said.

He disclosed that in 2025, Nigeria recorded three major derailments:
• August 26 at Asham in Kaduna State
• November 1 at Abraka on the Warri–Itakpe line
• November 8 at Agbor on the same corridor

He said the NRC responded swiftly, restoring services within 24 hours in one case, while others were resolved within 21 and 28 days respectively.

Opeifa stressed that derailments can result from factors such as weather conditions, signal glitches, human error, speeding, or aging infrastructure, but noted that in Nigeria’s recent cases, there were no fatalities.

“These incidents are preventable and efforts are ongoing to minimize them. However, they should not be seen as major setbacks to the overall progress of the railway system,” he said.

On Allegations of Mismanagement

Addressing allegations of financial mismanagement within the corporation, Opeifa declined detailed comments, citing ongoing legal processes.

“When a matter is in court, it is sub judice. Allegations of corruption or mismanagement should be handled by the appropriate authorities,” he stated.

He reiterated that his priority is to reposition the NRC in line with global best practices and ensure efficient rail services for Nigerians.

Expansion, Upgrades and National Connectivity

The NRC boss said efforts are underway to restore damaged coaches and upgrade infrastructure using local engineers and technicians.

“We are bringing back the lines and retrofitting coaches. The Warri–Itakpe line is operational. The Abuja–Kaduna line is running, and we are increasing trips from two to three,” he said.

On long-term plans, Opeifa disclosed that the NRC roadmap envisions rail connectivity across major cities nationwide, subject to funding and phased execution.

He dismissed claims of abandoned projects, explaining that rail developments are capital-intensive and implemented in phases based on available resources.

He cited progress on the Lagos–Ibadan corridor—part of the larger Lagos–Kano project—as well as ongoing work on the Kano–Maradi line linking key northern cities.

Lagos–South-East, Port Connections in View

Opeifa also highlighted plans to expand connectivity between southern ports and inland cities. These include proposed links from Warri to Abuja and from Lekki Deep Sea Port to Kajola, Benin, Onitsha, and Aba, enabling both passenger and cargo movement.

Toward Modern Signaling and Faster Trains

On modernization, he said Nigeria is gradually upgrading from older narrow-gauge systems to standard-gauge infrastructure with improved signaling technology.

He noted that metro rail projects in Kaduna, Kano, and Lagos are being developed with higher signaling standards, positioning the country for faster and more efficient train services in the coming years.

“We are not yet at the highest global level, but we are moving steadily upward,” Opeifa said.

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Ticket Reform Boosts Confidence in Lagos–Ibadan Rail Service, Says Opeifa

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A quiet transformation is reshaping the daily commute between Nigeria’s commercial hub and the historic city of Ibadan. Passengers on the Lagos–Ibadan standard gauge corridor say services have become more efficient and predictable following a clampdown on ticket racketeering led by Kayode Opeifa

The renewed confidence in the rail line linking Lagos and  is influencing residential and employment decisions among middle-income earners who once considered daily intercity commuting unrealistic.

“It is now possible to live in Ibadan and work in Lagos without the daily anxiety of securing a ticket,” said Adewale Bamidele, a financial analyst who travels three times a week. “Before, you needed connections. Now, you book, you board, you arrive.”

A Line Once Hindered by Middlemen

The Lagos–Ibadan railway, inaugurated as a flagship infrastructure project under the administration of former President Buhari was designed to ease pressure on the congested Lagos–Ibadan Expressway and deepen economic integration across the South-West.

However, in its early phases, passengers frequently complained of informal ticket rackets. Allegations included bulk-buying by intermediaries and artificial scarcity that forced travellers to pay inflated prices for seats on high-demand trains.

Industry observers say such practices undermined the railway’s credibility as a mass transit solution. “Transport systems thrive on predictability and fairness,” said a transport economist “Once access is perceived as compromised, commuters revert to road transport despite the risks and delays.”

Enforcement and Digitisation

Since assuming oversight responsibilities within the sector, Opeifa has reportedly intensified internal monitoring and strengthened digital ticketing protocols. Railway officials, speaking on condition of anonymity, said stricter verification processes and disciplinary measures against errant staff have curtailed unauthorised ticket sales.

Although the Nigerian Railway Corporation has not released detailed enforcement data, anecdotal evidence from regular commuters points to shorter queues, smoother boarding procedures and fewer last-minute cancellations.

For professionals with flexible work schedules, the improvement has been significant. The average journey time of about two to three hours—depending on the service type—now compares favourably with unpredictable road travel, which can take considerably longer during peak traffic.

Changing Urban Dynamics

Property agents in Ibadan report a modest rise in enquiries from Lagos-based workers seeking more affordable housing. Rents in many parts of Ibadan remain significantly lower than comparable neighbourhoods in Lagos, offering relief to households grappling with inflationary pressures.

“Rail reliability changes everything,” said Funke Adebayo, a real estate consultant in Ibadan. “When people trust the timetable, they are more willing to relocate.”

Economists caution, however, that long-term success will depend on consistent maintenance, adequate security along the corridor and transparent ticketing systems. Any return to informal practices could quickly erode recent gains.

The Lagos–Ibadan corridor is widely regarded as a litmus test for Nigeria’s broader rail ambitions. With additional standard gauge projects planned or underway nationwide, policymakers face mounting pressure to ensure that infrastructure investments translate into reliable public service delivery.

For now, passengers remain cautiously optimistic.

“It feels more organised,” Bamidele said while disembarking at Mobolaji Johnson Station in Lagos. “If this standard is sustained, rail can genuinely compete with road transport.”

Nigeria agree, the real challenge lies not just in laying tracks, but in sustaining public trust.

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Breaking : Finance Ministry Shake-Up: Tinubu Nominates Oyedele, Says Onanuga

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President Bola Tinubu has nominated the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Dr. Taiwo Oyedele, as the Minister of State for Finance.

Oyedele replaces Dr. Doris Anite-Uzoka, who has been redeployed to the Ministry of Budget and National Planning as Minister of State, her third portfolio in the administration.

The President on Tuesday conveyed Oyedele’s nomination to the Senate for confirmation in a letter to the Senate President, Godswill Akpabio, according to a statement by his Special Adviser on Information and Strategy, Bayo Onanuga, on Tuesday.

Until Tinubu nominated him as a minister, Oyedele from Ikaram, Akoko, Ondo State, was the chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, which overhauled Nigeria’s tax system.

The 50-year-old is an economist, accountant, and public policy expert who led the comprehensive overhaul of Nigeria’s tax system through the Presidential Committee on Fiscal Policy and Tax Reforms.

The committee, inaugurated in August 2023, delivered four executive bills that consolidated over 60 taxes into fewer than 10 statutes and introduced significant reforms, including zero income tax for Nigerians earning N800,000 annually or less.

The Tax Reform Acts, which became effective on January 1, 2026, also exempted small businesses with turnover below N50m from company income tax, capital gains tax, and development levy.

Other provisions include a 50 per cent tax deduction for companies hiring new workers for three years, a 50 per cent deduction for wage increases to the lowest-paid employees, and a five-year corporate tax holiday for agricultural enterprises.

Oyedele attended Yaba College of Technology, where he obtained a Higher National Diploma in Accountancy and Finance, before proceeding to Oxford Brookes University for a BSc in Applied Accounting.

He also completed executive education programmes at the London School of Economics, Yale University, the Gordon Institute of Business Science, and the Harvard Kennedy School.

Oyedele spent 22 years at PricewaterhouseCoopers, joining in 2001 and rising to become the Fiscal Policy Partner and Africa Tax Leader before his appointment to head the tax reform committee.

He is currently a professor at Babcock University in Ogun State and a visiting scholar at the Lagos Business School.

As Minister of State for Finance, Oyedele is expected to oversee the implementation of the tax reforms he championed, particularly as the government seeks to improve revenue generation and deepen economic reforms.

Anite-Uzoka, who is being redeployed to the Ministry of Budget and National Planning, previously served as Minister of State for Industry, Trade and Investment before her appointment as Minister of State for Finance.

The Senate is expected to screen and confirm Oyedele’s nomination in the coming weeks, following which he will be sworn in to assume his ministerial duties.

The Finance Ministry, currently led by Wale Edun as substantive minister, oversees fiscal policy, revenue mobilisation, debt management, and economic planning.

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