President Bola Ahmed Tinubu has ordered the commencement of the new Student Loan Scheme he signed into law earlier in the year in January 2024.
Tinubu said this in Abuja on Monday during the 29th Nigeria Economic Summit organised by the Nigerian Economic Summit Group in partnership with the Federal Ministry of Budget and Economic Planning.
The President assured Nigerians that government-owned tertiary institutions in the country would no longer go on strike.
“Nigerians are feeling the short-term negative impact of our reforms, but we promise that everyone will soon enjoy the benefits,” the president said.
Tinubu had on June 12, 2023, signed the student loan bill into law, in fulfilment of a promise he made during his campaign.
Making the announcement, the former spokesperson to the Federal Government Dele Alake, said the funds will be domiciled in the Ministry of Education and will only be accessed by indigent students of tertiary institutions.
The law will provide easy access to higher education for indigent Nigerians through interest-free loans from the Nigerian Education Loan Fund.
It would recall that the President at one of his campaigns at the British Royal Institute in London, promised to give student loans as part of efforts to develop the education sector, while also building the youth capacity.