President Bola Tinubu is set to inaugurate the Student Loan Scheme on Thursday, March 14, 2024, as announced by the Special Adviser to the President on Media and Publicity, Mr. Ajuri Ngelale, during a segment of TVC’s Politics on Sunday.
During the discussion themed ‘Counting the Cost of President Tinubu’s Reforms,’ Ngelale highlighted the significant welfare initiatives of the President, including the imminent launch of the National Student Loan Programme.
He emphasized the program’s importance in alleviating financial burdens for Nigerian families and youth amid economic challenges.
The Student Loan Programme stems from the Access to Higher Education Act, 2023, signed into law by Tinubu on June 12, 2023.
This legislation aims to facilitate access to interest-free loans for indigent students pursuing higher education in Nigerian tertiary institutions, fulfilling one of Tinubu’s campaign promises to enhance education funding.
Dele Alake, a member of the then Presidential Strategy Team, affirmed the significance of the Act in liberalizing education financing. Additionally, the establishment of the Nigerian Education Loan Fund is expected to manage loan requests, grants, disbursement, and recovery processes.
However, foreign scholars studying abroad are seeking inclusion in the proposed student loan program.
They advocate for support in exchange rates and foreign exchange (FX) adjustments, as well as a mechanism to incorporate Nigerians studying abroad into the federal government’s student loan initiative.
Furthermore, there are calls to provide a platform for Nigerians residing abroad who wish to ensure their children are recognized as beneficiaries based on their Nigerian state of origin.
