President Bola Tinubu stated on Monday that the student loan programme he approved on June 12, 2023, will begin in January 2024.
He also promised that strikes by academic staff unions at higher institutions would be a thing of the past.
Tinubu made the remarks when he opened the 29th session of the annual Nigeria Economic Summit at the Transcorp Hilton in Abuja.
The Nigerian Economic Summit Group, a non-profit think tank, serves as the foundation of the NES.
“By January 2024, the new student loan programme must commence. To the future of our children and students, we’re saying no more strikes,” he said.
Tinubu, who focused on his administration’s goals to stabilize the economy through the engagement of all stakeholders, particularly the private sector, also emphasized the need to launch a sustainable credit system soon.
He reasoned that such a programme would aid in the implementation of a successful anti-corruption campaign.
“There must be consumer credit; the scheme will have to come into effect as soon as possible. I thank my team and my colleagues for building this programme.
“We cannot talk about anti-corruption when you have to look for cash to buy a car when there’s no mortgage for homeownership,” he said.
In the same vein, Dr. Tahir Mamman, Minister of Education, stated that the student loan would be administered by the Central Bank of Nigeria via the loan board.
Mamman told statehouse correspondents before the start of Monday’s Federal Executive Council meeting that “The scheme is being facilitated by the CBN and some agencies under my ministry with the office of the Chief of Staff to the President (Femi Gbajabiamila).”
He stated that each student would receive the previously mentioned N500,000.
“The precise number of recipients is unknown. He remarked, “They (applicants) will be treated based on the number of those who registered.”
