Student Loan Scheme Kickstarts January 2024

Today, President Bola Tinubu declared that the Student Loan Scheme, approved on June 12, 2023, will officially commence in January 2024.

Addressing the nation at the 29th session of the annual Nigeria Economic Summit in Abuja, Tinubu assured Nigerian students that the era of incessant strikes by academic staff unions of tertiary institutions will become a thing of the past.

The Student Loan Programme, a bill signed into law by President Tinubu in celebration of June 12, aims to provide easy access to higher education for indigent Nigerians through interest-free loans from the Nigerian Education Loan Fund.

Sponsored by the Speaker of the 9th House of Representatives, Femi Gbajabiamila, the bill ensures that funds will be allocated in the Ministry of Education and will be accessible exclusively to indigent students of tertiary institutions.

This move follows President Tinubu’s recent decision to waive the ‘no-work, no-pay policy’ imposed by the previous administration on members of the Academic Staff Union of Universities (ASUU). The eight-month strike, which began on February 14, 2022, and ended on October 17, 2022, focused on demands including improved school funding.

During the summit, President Tinubu also emphasized the need for comprehensive reforms in the legal system and civil service, acknowledging the challenges faced by the judiciary. He pledged to build new and affordable homes at an unprecedented pace, promising a significant improvement in the welfare of judicial professionals.

Tinubu stressed the importance of initiating a sustainable credit scheme, essential for an effective anti-corruption campaign. He highlighted the necessity of addressing financial constraints that hinder individuals from basic necessities like car ownership and homeownership.

The announcement has been met with widespread anticipation and positivity, with many hopeful that the Student Loan Scheme will pave the way for accessible and quality education for all while putting an end to the disruptions caused by academic strikes.

As the nation eagerly awaits the implementation of this transformative initiative, President Tinubu’s administration continues to prioritize education and sustainable economic growth for the betterment of the Nigerian populace.