An illustrative photo of university students.
President Bola Tinubu says the federal government’s student loan scheme will begin in January 2024.
The president said the scheme will put an end to industrial actions in the country’s tertiary institutions.
He spoke on Monday in Abuja at the 29th Nigerian Economic Summit organised by the Nigerian Economic Summit Group (NESG).
The president had on June 12 signed the Students Loan (Access to Higher Education) Bill into law.
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The legislation gives Nigerian students the opportunity to have access to loans at interest-free rates.
“By January 2024, the new student loan programme must commence. To the future of our children and students we’re saying no more strikes,” the president said on Monday.
“I thank my team and my colleagues for building this programme.”
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The student loan bill was sponsored by Femi Gbajabiamila, the immediate-past speaker of the house of representatives who is now chief of staff to the president.
The legislation provides for the establishment of the Nigerian Education Loan Fund, which will have the power to administer, supervise, coordinate, and monitor the management of student loans in the country.
Based on the provisions of the legislation, the fund is expected to receive and screen applications for student loans through higher institutions on behalf of the applicants.
Two days after the president signed the bill into law, David Adejo, permanent secretary at the ministry of education, announced that the government was working on the modalities for disbursement.
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