Tinubu announces student loan scheme to start in 2024

The president, Bola Ahmed Tinubu, revealed that Nigerians will start receiving student loans from the federal government by January 2024. He made this announcement at the 29th Nigerian Economic Summit’s opening session in Abuja on Monday.

Improving the education sector and empowering the youth were among Tinubu’s campaign pledges. He said that the student loan bill became law in June 2023 after the National Assembly approved it.

The scheme will offer loans without interest to needy students in higher education institutions, who will pay back the loans after they finish their studies. The Ministry of Education will oversee the funds and determine the eligibility and repayment conditions.

Tinubu also promised Nigerians that his government has resolved the issue of frequent strikes by academic staff unions in public universities. He said he has raised the education budget and enhanced the living standards of lecturers and other staff.

“Our reforms have some short-term negative effects, but we assure you that everyone will reap the benefits soon,” the president said.

Tinubu also discussed other economic matters, such as the importance of a lasting credit scheme, which he said will combat corruption and stimulate consumer spending. He said his team is working on creating a programme that will allow Nigerians to get loans for buying cars, owning homes, and other purposes.