The student loan program that President Bola Tinubu approved on June 12, 2023, will begin in January 2024, he said on Monday.
Additionally, he pledged that tertiary institution academic staff union industrial action episodes will eventually end.
“The new student loan program needs to start by January 2024. “We’re saying no more strikes to our children and students’ future,” Tinubu remarked as he opened the 29th annual Nigeria Economic Summit at the Transcorp Hilton in Abuja.
The Nigerian Economic Summit Group, a non-profit think tank, serves as the foundation of the NES.
Tinubu, who elaborated on his administration’s plans to stabilise the economy through the collaboration of all stakeholders, especially the private sector, also noted the need to immediately initiate a sustainable credit scheme.
He reasoned that such a scheme would aid an effective anti-corruption campaign.
“There must be consumer credit; the scheme will have to come into effect as soon as possible. I thank my team and my colleagues for building this programme.
“We cannot talk about anti-corruption when you have to look for cash to buy a car when there’s no mortgage for homeownership,” he said.
Meanwhile, the Minister of Education, Dr Tahir Mamman, said the student loan would be administered by the Central Bank of Nigeria through the loan board.
When asked shortly before the start of Monday’s Federal Executive Council meeting, Mamman told our correspondent: “The scheme is being facilitated by the CBN and some agencies under my ministry with the office of the Chief of Staff to the President (Femi Gbajabiamila).”
Each student, he said, would get the earlier announced N500,000. The exact number of beneficiaries is not known. Mamman said, “They (applicants) will be treated based on the number of those who registered.”