The eagerly anticipated Student Loan Scheme, approved by President Bola Tinubu in June, remains steadfast on its path to inauguration in January 2024, according to Dr. Yusuf Tanko Sununu, the Minister of State for Education.
Sununu reaffirmed the Federal Government’s unwavering commitment during a recent appearance on Arise TV, shedding light on the progress and key details of this significant initiative.
With a dedicated allocation of N50 billion in the 2024 budget, the Federal Government has demonstrated a resolute stance on the implementation of the student loan scheme, aiming to address the financial challenges faced by tertiary education students.
Sununu, in response to queries about the program’s status, assured the public that the initiative is progressing seamlessly and is poised for a timely launch in January 2024.
During the Arise TV interview, Sununu highlighted the online nature of the student loan process, emphasizing the development of a user-friendly website to facilitate easy access.
When pressed for specifics on the timeline, he articulated, “We want trust in governance, and trust must have a timeline.
So it may take from January 1st to January 31st, but as much as possible, we will ensure that by the 31st of January, students can access it.”
Sununu acknowledged the scrutiny the government faces regarding the student loan initiative, assuring that transparency and accountability are paramount. He stated, “If for any reason we cannot deliver, we will explain.
We know that, as far as student loans are concerned, we are being tracked by multinational, international, and local bodies, even the students and parents. And I assure you that by the political will and trajectory of Mr. President, that is achievable.”
President Tinubu, during the 29th National Economic Summit in November, underscored the importance of the student loan scheme as a transformative approach to financing tertiary education and eliminating disruptions caused by strikes. He articulated, “To the future of our children and students, we are saying no more strikes.
To address long-standing issues in the education sector, a more sustainable model of funding tertiary education will be implemented, including the Student Loan Scheme scheduled to become operational by January 2024.”
As the January 2024 deadline approaches, the implementation of the Student Loan Scheme stands as a pivotal step towards revolutionizing the financial landscape of tertiary education in Nigeria.
The government’s commitment to transparency, accountability, and meeting the specified timeline instills confidence in the viability of this transformative initiative, signaling a positive trajectory for the future of higher education financing in the country.
