President Bola Tinubu will finally launch the student loan scheme on Thursday, March 14, 2024 According to the presidency, the initiative is a key strategy to alleviate financial burdens for Nigerian families and youths.
In June 2023, Tinubu signed the Access to Higher Education document, an act that gives indigent students access to interest-free loans.
Journalist Ridwan Adeola Yusuf has over 9 years of experience covering education and scholarship opportunities in Nigeria and worldwide. FCT, Abuja - President Bola Tinubu will on Thursday, March 14, launch the highly anticipated student loan scheme. According to the presidency, the scheme will put an end to industrial actions in Nigeria’s tertiary institutions.
In an interview with TVC on Sunday, March 10, Ajuri Ngelale, the presidential spokesperson, stressed the importance of the scheme as a key strategy to alleviate financial burdens for Nigerian families and young individuals, particularly during challenging economic times.
The president proposed N50 billion for its take-off in the 2024 budget he presented to the National Assembly in November 2023. Tinubu believes that with the education bank in place, Nigerians willing to attain higher education qualifications can afford fees that the schools may soon introduce. Sections of the Students’ Loan Act create an Education Loan Fund, with its funding to be drawn from “one per cent of all profits accruing to the federal government from oil and other minerals; taxes, levies and duties accruing to the federal government from the Federal Inland Revenue Service (FIRS), Nigerian Immigration Service and Nigerian Customs Service, as well as education bonds, education endowment fund schemes, donations, gifts, grant, and revenue accruing to the fund from any other source.”
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