President Bola Ahmed Tinubu, who leads the Federal Government, has officially declared the cessation of financial support to the nation’s universities.
During a press briefing in Abuja on Wednesday, Andrew David Adejo, the Permanent Secretary for the Federal Ministry of Education, emphasized that although universities already possess autonomy, they lack financial independence and are reliant on government funding, as reported by NEWS WEEK NIGERIA.
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Adejo stated that due to the current situation, where the government can no longer sustain financial support for universities, they are now exploring opportunities for public-private partnerships. The government is actively working to grant financial independence to universities, with the aim of addressing this issue in the near future.
Furthermore, President Tinubu has instructed relevant parties to ensure the disbursement of student loans by the end of the September/October 2023/2024 academic session.
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Adejo addressed speculations and clarified that an inter-ministerial committee would be established the following week to streamline the loan application process, aiming to provide loans to students within a six-week timeframe. He also stressed that the loan program would extend its benefits to private school students who require financial aid.
Adejo emphasized the significance of covering not only tuition fees but also additional expenses such as accommodation and living costs.
“Our objective is to ensure that the loan program supports students throughout their educational journey,” Adejo affirmed. “It goes beyond tuition fees; we aim to provide a comprehensive solution to assist students in their academic pursuits.”
He further highlighted that the current legislation seeks to learn from past mistakes, addressing the issue of high loan defaults. The intention is to create a system that not only disburses loans but also ensures students’ successful enrollment, retention, and graduation. Even though tuition fees at public universities are waived, housing costs still need to be covered.
“We want the current legislation to rectify the past mistakes, where the number of defaulters exceeded the number of successful repayments,” one individual stated. “In the past, it seemed like government money was freely given and taken without consequences, but this will not be the case with the new policy.”
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