FG has announced the date for the commencement of student loan disbursement.
The Nigerian Federal Government has announced its plans to initiate a student loan program between September and October 2023. The disclosure was made by David Adejo, the Permanent Secretary of the Federal Ministry of Education, during a press conference held in Abuja on Wednesday. Adejo highlighted that this move follows the signing of the Student Loan Bill into law by President Bola Tinubu, who had made this commitment during his election campaign.
Spearheaded by Femi Gbajabiamila, the Speaker of the 9th House of Representatives, the student loan bill aims to provide interest-free loans to financially disadvantaged Nigerian students. Through the Nigerian Education Loan Fund, the law intends to facilitate easier access to higher education for indigent citizens.
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Adejo emphasized that the loan program would encompass both private and public school students. In order to ensure the effective implementation of the scheme, President Tinubu has approved the establishment of a committee comprising various ministries and agencies. This committee will convene on June 20 to discuss the necessary procedures.
Adejo further outlined that the loan scheme would be overseen by a specialized bank, separate from existing financial institutions, to cater specifically to the needs of the program. The government intends to incorporate a tracking system to facilitate the smooth functioning of the loans.
The Permanent Secretary stressed the government’s commitment to providing equal opportunities for students in both private and public schools. He emphasized that the loan’s repayment process would commence only after the beneficiaries secure employment.
Adejo commended President Tinubu for his dedication to job creation and policy direction. While acknowledging that not everyone can be employed, he highlighted the President’s efforts to generate employment opportunities.
