President Bola Tinubu declared on Monday that the student loan initiative he greenlit on June 12, 2023, will commence in January 2024. In his address at the 29th session of the annual Nigeria Economic Summit in Abuja, Tinubu expressed his commitment to putting an end to the recurring industrial actions by academic staff unions in tertiary institutions.
“By January 2024, the new student loan program must kick off. We say no more strikes for the future of our children and students,” Tinubu announced during the summit hosted by the Nigerian Economic Summit Group at the Transcorp Hilton.
Elaborating on his administration’s economic stabilization plans, Tinubu emphasized the importance of collaboration with stakeholders, especially the private sector. He highlighted the immediate need for a sustainable credit scheme, asserting that such a scheme is crucial for an effective anti-corruption campaign.
“We cannot talk about anti-corruption when you have to search for cash to buy a car with no mortgage for homeownership,” he stated.
The Minister of Education, Dr. Tahir Mamman, disclosed that the student loan program would be administered by the Central Bank of Nigeria through the loan board. Each student is slated to receive the previously announced N500,000, although the exact number of beneficiaries remains unknown.
Mamman clarified, “They (applicants) will be treated based on the number of those who registered.” This significant step in educational and economic policy is expected to alleviate financial burdens on students and contribute to a more stable academic environment.
