The Bola Tinubu-led administration has reiterated its commitment to the commencement of the student loan scheme in Nigeria, with the launch scheduled for January. The announcement came from the Minister of State for Education, Yusuf Sununu, who spoke to journalists at the conclusion of the first Federal Executive Council (FEC) meeting of the year at the State House in Abuja.
Sununu assured the public that monetary provisions for the student loan scheme have already been incorporated into the 2024 budget. He revealed that the website for the scheme is nearing completion, signaling the readiness for the application process.
“January is a reality for the commencement of the student loan scheme in Nigeria. Already, the website is almost done. Application for beneficiaries will be online,” stated Sununu. He outlined the criteria for student eligibility, emphasizing that applicants must be Nigerian citizens enrolled in public schools. The online application process is expected to be efficient, with loans accessible within 30 days.
The Minister highlighted that funds have been allocated in both the 2024 appropriation act and the supplementary budget for 2023 to support the implementation of the student loan scheme.
Additionally, during the FEC meeting, the council approved the establishment of foreign institution campuses in Nigeria. This move aims to boost enrollment of Nigerian students and encourage research collaboration with higher institutions globally. Sununu shared that guidelines have been provided to ensure standardization of training on these local campuses, emphasizing that the policy would also contribute to saving the nation’s scarce foreign exchange.
As the nation awaits the official launch of the student loan scheme in January, stakeholders are optimistic about the positive impact it could have on access to education for Nigerian students.