President Bola Tinubu has confirmed the commencement of the student loan scheme he approved on June 12, 2023, starting in January 2024. This announcement came during his opening address at the 29th session of the annual Nigeria Economic Summit, held at the Transcorp Hilton in Abuja. President Tinubu pledged that the implementation of the student loan program would mark the end of industrial actions by academic staff unions in tertiary institutions.
Tinubu stressed the need for a sustainable credit scheme to complement the anti-corruption campaign, underlining the importance of consumer credit. He emphasized the necessity for affordable options such as mortgages for homeownership to reduce the financial burdens faced by citizens when acquiring cars or housing.
The Minister of Education, Dr. Tahir Mamman, revealed that the student loan program would be administered by the Central Bank of Nigeria through the loan board. Each student will receive N500,000, with the exact number of beneficiaries yet to be determined based on registration figures.
President Tinubu's commitment to this initiative reflects his administration's focus on enhancing access to education while addressing financial challenges faced by students, thus fostering a more stable educational environment in Nigeria.
