Federal Government Launches Students’ Loan Scheme This Thursday

Written by on March 11, 2024

President Bola Tinubu is set to launch the Student Loan Scheme on Thursday this week.

Special Adviser to the President on Media and Publicity, Ajuri Ngelale, said this, yesterday, said the scheme a major form of obligation reduction for Nigerians and families and young people at a time when Nigerians are faced with hardship.

The President had on June 12, 2023, signed the Access to Higher Education Act, 2023, into law to enable indigent students to access interest-free loans for their educational pursuits in any Nigerian tertiary institution.

The move, Presidency noted, was in fulfillment of one of his campaign promises to liberalize funding of education.

Popularly known as the Students Loan Law, the Act,    also established the Nigerian Education Loan Fund, which is expected to handle all loan requests, grants, disbursement, and recovery.

The President proposed 50 billion Naira for its take-off in the 2024 budget he presented to the National Assembly last November.


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