President Bola Tinubu is scheduled to launch the highly anticipated student loan scheme on Thursday, aiming to address industrial actions in Nigeria’s tertiary institutions.
The initiative stems from the Access to Higher Education Act, 2023, signed into law by President Tinubu on June 12, 2023. The act enables indigent students to access interest-free loans for their education in Nigerian tertiary institutions.
Dubbed the Students Loan Law, the legislation establishes the Nigerian Education Loan Fund, tasked with managing loan requests, grants, disbursements, and recovery.
Spearheaded by Femi Gbajabiamila, the former Speaker of the House of Representatives and current Chief of Staff to the President, the bill seeks to mitigate financial barriers hindering students’ access to higher education.
The Nigerian Education Loan Fund, as outlined in the legislation, will administer, supervise, coordinate, and monitor student loans across the country.
Speaking further on the fund, Ajuri Ngelale, the Special Adviser to the President on Media and Publicity, in a recent appearance of TVC politics, said; “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.
LeadersNG learned that the President proposed N50bn for the fund’s take-off in the 2024 budget he presented to the National Assembly last November.
