President Bola Tinubu will on Thursday, March 14, 2024 introduce the Student Loan Scheme.
In a broadcast on TVC’s Politics, Ajuri Ngelale, the Special Adviser to the President on Media and Publicity, shared details about President Tinubu’s initiatives, including the upcoming launch of the National Student Loan Programme.
Ngelale emphasised the importance of this scheme as a key strategy to alleviate financial burdens for Nigerian families and young individuals, particularly during challenging economic times.
“Later this week, on Thursday, the President will launch the historic National Student Loan Programme.”
“This is a major form of obligation reduction for Nigerians and families and young people at a time when Nigerians are feeling the pinch. We believe this is the way to go,” he added.
The initiation of the Access to Higher Education Act, 2023, signed by Tinubu on June 12, 2023, marked a significant milestone towards providing interest-free loans for underprivileged students in Nigerian tertiary institutions.
The move was in “fulfillment of one of his campaign promises to liberalise funding of education,” a member of the then Presidential Strategy Team, Dele Alake, said.
The Act, popularly known as the Students Loan Law, also established the Nigerian Education Loan Fund, which is expected to handle all loan requests, grants, disbursement, and recovery.
The government initially said it would take effect in September, but it did not.
However, Tinubu had insisted that the scheme would go live in January 2024. Declaring the 29th session of the annual Nigeria Economic Summit in Abuja open on October 23, 2023, the President said, “By January 2024, the new Students Loan Programme must commence. To the future of our children and students, we’re saying no more strikes!”
He proposed N50bn for its take-off in the 2024 budget he presented to the National Assembly last November.