Student Loan Set To Begin By January 2024

Nigerian President, Bola Tinubu on Monday assured that the student loan scheme which was approved on June 12, 2023, will kick off in January 2024.

He Equally promised that the era of industrial action by academic staff unions of tertiary institutions would become a thing of the past.

“By January 2024, the new student loan program must commence. To the future of our children and students, we’re saying no more strikes,” Tinubu said when he declared open the 29th session of the annual Nigeria Economic Summit at Transcorp Hilton, Abuja.

Tinubu reaffirmed his commitment to stabilize the economy through the collaboration of all stakeholders, especially the private sector, and also noted the need to immediately initiate a sustainable credit scheme.

He said that such a scheme would be an effective anti-corruption campaign

“There must be consumer credit; the scheme will have to come into effect as soon as possible. I thank my team and my colleagues for building this program.

“We cannot talk about anti-corruption when you have to look for cash to buy a car when there’s no mortgage for homeownership,” he said.

In the same vein, the Minister of Education, Dr Tahir Mamman, clarified that the student loan would be administered by the Central Bank of Nigeria through the loan board.

When asked shortly before the start of Monday’s Federal Executive Council meeting, Mamman told our correspondent: “The scheme is being facilitated by the CBN and some agencies under my ministry with the office of the Chief of Staff to the President (Femi Gbajabiamila).”

According to him, each student would get the earlier announced N500,000. The exact number of beneficiaries is not known.  said Mamman, “They (applicants) will be treated based on the number of those who registered.”