Presidency Announces Tinubu’s Plan to Launch Student Loan Scheme on Thursday

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President Bola Ahmed Tinubu

President Bola Tinubu is set to inaugurate the National Student Loan Programme on Thursday, March 14, 2024, marking a significant milestone in his administration’s efforts to alleviate financial burdens on students pursuing higher education.

This announcement was made by Mr. Ajuri Ngelale, the Special Adviser to the President on Media and Publicity, during an appearance on TVC’s Politics on Sunday, as reported by PUNCH Online.

Ngelale highlighted the importance of the program, emphasizing its role in reducing financial obligations for Nigerian families and young people amidst economic challenges. He stated, “This is a major form of obligation reduction for Nigerians and families and young people at a time when Nigerians are feeling the pinch. We believe this is the way to go.”

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The Student Loan Programme was established following the enactment of the Access to Higher Education Act, 2023, signed into law by President Tinubu on June 12, 2023. The Act aims to provide interest-free loans to indigent students pursuing education in Nigerian tertiary institutions.

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Initially slated for implementation in September, the launch was delayed, with Tinubu reaffirming his commitment to commence the scheme in January 2024. However, due to expansion directives from the President to include skill development programs, the launch was postponed to accommodate these adjustments.

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Dr. Akintunde Sawyerr, the Executive Secretary of the Nigeria Education Loan Fund, confirmed the delay, attributing it to the need for backend systems enhancements to facilitate the application process for the technologically driven scheme.

Tinubu’s vision for the program extends beyond traditional academic pursuits, emphasizing the importance of vocational skills development. He directed the Nigeria Education Loan Fund to cater to all young Nigerians aspiring to contribute to the nation’s growth, whether through academic qualifications or skilled craftsmanship.

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As preparations for the launch continue, stakeholders anticipate the positive impact of the Student Loan Programme in enhancing access to education and empowering the youth of Nigeria.

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