The Federal Government reaffirmed its commitment to launching the Student Loan Scheme this month, assuring applicants that the soon-to-be-completed website will enable access to the facility within 30 days.
Minister of State for Education, Dr Yusuf Sununu, emphasized the progress during a briefing after the first Federal Executive Council meeting in 2024.
The Student Loan Bill, signed into law on June 12, 2023, aims to provide interest-free loans to indigent students, fulfilling President Bola Tinubu’s campaign promise to liberalize education funding.
Despite concerns about the scheme’s implementation, Sununu clarified that it is on track and will commence as scheduled in January.
He outlined the criteria for applicants and assured that funds have been allocated in the 2024 budget and supplementary budget 2023 to facilitate the program.
Additionally, Sununu shared details about a new transnational education policy, allowing foreign degree-awarding institutions to establish a presence in Nigeria, collaborating with local institutions or establishing campuses.
This policy aims to ease the pressure on existing higher education institutions and attract foreign investments without incurring costs for the Federal Government.
The initiative aligns with President Tinubu’s goal of increasing access to education and addresses concerns related to fake certifications through standardized guidelines for establishing campuses within the country.
