The Federal Government has revealed that over one million Nigerians have benefited from various loan and grant schemes under the administration’s Renewed Hope Agenda, with funds from the removal of the petrol subsidy being reinvested into major infrastructure projects across the country.
Minister of Information and National Orientation, Mohammed Idris, disclosed this on Thursday while addressing State Commissioners of Information at the Progressive Governors’ Forum conference in Minna, Niger State.
According to a statement by his Special Assistant on Media, Rabiu Ibrahim, over 900,000 small businesses have accessed the Presidential Conditional Grant and Loan Scheme, while more than 350,000 students currently benefit from the Federal Government’s Student Loan Scheme.
Idris emphasised that the Renewed Hope Agenda aims to create real opportunities for prosperity across all sectors, impacting individuals, families, and communities nationwide.
He noted that approximately ₦70 billion has been committed to the Student Loan Scheme, with over 600,000 student applications received so far. Additionally, ₦75 billion is being disbursed through the Bank of Industry to support Micro, Small, and Medium Enterprises (MSMEs) in key sectors.
READ ALSO:
Tinubu writes NASS for $21.5b foreign loan, N757.9b pension bond approval
No ₦71bn missing from student loan programme – NELFUND clarifies
Nigeria receives $1.08bn W’Bank loan for education, economy, others
Defending the government’s removal of the petrol subsidy, Idris described it as a critical economic reform that has helped save the economy from fiscal collapse and reduced financial leakages.
Funds recovered from the subsidy removal are being channelled into transformative projects such as the Lagos-Calabar Coastal Superhighway, Sokoto-Badagry Superhighway, Kaduna-Kano Standard Gauge Railway, and Abuja-Kaduna-Kano Expressway.
He also highlighted that states are receiving increased monthly allocations, enabling them to pursue people-focused projects at local and state levels.
Idris called on state Commissioners for Information to move beyond rhetoric, encouraging them to educate citizens about these reforms and how to access benefits, utilising platforms like the National Orientation Agency.
“President Bola Ahmed Tinubu is keeping faith with Nigerians. You now must translate that faith into hope and action at the grassroots,” he concluded.
