President Bola Tinubu’s administration is set to kick off a significant initiative this January, with the commencement of the long-awaited student loan scheme in Nigeria.
The announcement was made by the Minister of State for Education, Yusuf Sununu, following the conclusion of the first Federal Executive Council (FEC) meeting of the year at the State House in Abuja on Wednesday.
Minister Sununu provided insights into the upcoming student loan program, stating that monetary provisions for the scheme have been included in the 2024 budget. He highlighted that the website for the student loan scheme is nearing completion, anticipating a January launch.
January is a reality for the commencement of the student loan scheme in Nigeria. Already, the website is almost done,” Sununu stated.
He further explained that the application process for beneficiaries would be conducted online, emphasizing that the criteria include being a Nigerian student in a public school.
The online application process aims for timely processing, ensuring that approved loans can be accessed within 30 days.
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Sununu also revealed that funds have been allocated in both the 2024 appropriation act and the supplementary budget for 2023 to facilitate the implementation of the student loan scheme.
In addition to the student loan initiative, the Federal Executive Council approved the establishment of campuses for foreign institutions within the country.
This strategic move aims to boost enrollment of Nigerian students and foster global research collaboration among higher institutions.
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Sununu assured that guidelines have been established to ensure the standardization of training on these local campuses, emphasizing that the policy will contribute to saving the nation’s scarce foreign exchange.
As the government prioritizes education and explores innovative solutions to support students, the impending launch of the student loan scheme represents a significant step towards addressing financial barriers to education in Nigeria.
