Student loan scheme is part of anti-corruption efforts, says Tinubu

President Bola Tinubu says Nigeria’s new student loan regime could be considered an anti-corruption mechanism.

Tinubu was speaking about his government’s anti-corruption efforts during a presidential media chat that aired on Monday night.

He was asked if he considers anti-corruption an integral element among his governance priorities.

Tinubu said any policy intervention that aims to address the driver of corrupt practices could be considered anti-corruption.

“Corruption, in all its ramifications, is bad. But first, you must pay enough attention to its causes,” the president said.

“Why are the people corrupt? Lack of social amenities, lack of funding for their children’s education. There are so many anti-corruption mechanisms that you can put in place to help the people not be corrupt. Pay them good living wages.

“I have moved from 35,000 to 70,000. To me, that’s anti-corruption. I have given more money to the state and local government levels. I have been transparent with my earnings. Every month, there is a publication on how much this country is making.

“The ability to stem corruption is part of the instrument of the EFCC. That is why they are discovering all sorts of inefficiencies in the system, blocking all the loopholes where anybody can just game the system. That is part of anti-corruption.”

Tinubu said enabling equitable access to tertiary education through a loan scheme is just as important in the anti-corruption struggle.

“The removal of subsidies is also anti-corruption. It is very difficult to say you would eliminate it. You can only reduce it to the barest minimum. Help the people grow. Help them with the education of their children. Our student loan is part of anti-corruption,” he said.

“No parent should lament how to encourage their children in university education. Today, it’s working for a larger part of the population. The society is moving from illiteracy to literacy.

“I enjoy debate on what type of courses are being offered in the university these days to improve science, knowledge, and technology. We continue to work on it. We’re not taking our eyes off these serious matters.”

President Bola Tinubu enacted an initial version of the student loan policy in June 2023 to grant interest-free loans to students.

The scheme was to commence in October 2023 but implementation was repeatedly deferred until a re-enactment in April 2024.

The loan fund opened its application portal in May, at which time a pilot phase of the payouts began with federal tertiary institutions.