Tinubu set to roll out national student loan scheme, eases financial burden for Nigerian students
In a significant move aimed at alleviating financial constraints faced by Nigerian students, President Bola Tinubu is poised to launch the highly anticipated Students Loan Scheme on Thursday, March 14, 2024. This announcement, made by his Special Adviser on Media and Publicity, Chief Ajuri Ngelale, underscores the administration’s commitment to enhancing access to education and reducing the burden of student debt.
Speaking on a TVC programme titled, ‘Counting the Cost of President Tinubu’s Reforms,’ Ngelale highlighted the impending launch of the National Student Loan Programme as a landmark initiative that would provide much-needed relief to students and families across the nation.
“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,” Ngelale emphasized.
The forthcoming launch marks a significant milestone in Tinubu’s presidency, nine months after he signed the Access to Higher Education Act, 2023, into law. The Act, also known as the Students Loan Law, aims to empower indigent students by granting them access to interest-free loans to finance their education in Nigerian tertiary institutions.
Integral to the implementation of the Students Loan Law is the establishment of the Nigerian Education Loan Fund, tasked with overseeing loan requests, grants, disbursements, and recovery processes.
Despite previous delays in the rollout of the scheme, Tinubu’s administration remains steadfast in its commitment to actualizing this crucial initiative. The government had announced several commencement dates for the programme since the enactment of the law, with earlier promises unfulfilled.
Following the initial delay in September, the President assured Nigerians that the scheme would kick off in January 2024, emphasizing the importance of uninterrupted education and the eradication of academic disruptions caused by strikes.
“By January 2024, the new Students Loan Programme must commence. To the future of our children and students, we’re saying no more strikes!” Tinubu declared during the 29th session of the annual Nigeria Economic Summit in Abuja on October 23, 2023.
Despite optimistic projections, the scheduled launch on February 21, as announced by the Executive Secretary of the Nigeria Education Loan Fund, Dr. Akintunde Sawyerr, did not materialize, raising concerns among stakeholders eagerly awaiting the implementation of the scheme.
As anticipation mounts for the imminent rollout of the National Student Loan Programme, expectations are high among students, parents, and education advocates. The scheme holds the promise of expanding access to higher education, fostering academic excellence, and empowering the next generation of Nigerian leaders.
With the impending launch, Tinubu’s administration seeks to reaffirm its commitment to educational reform and socio-economic development. The Students Loan Scheme represents a crucial step towards building a more inclusive and prosperous society, where every Nigerian has the opportunity to fulfill their academic aspirations without financial barriers.
