President Bola Ahmed Tinubu on Monday declared that the era of industrial actions in the nation’s academic environment has come to an end as Students Loan Scheme will commence in January 2024.
The President made the declaration in an address at the 29th edition of the annual Nigerian Economic Summit, anchored by the Nigerian Economic Summit Group (NESG), at the Transcorp Hilton, Abuja.
“By January 2024, the new Students Loan Programme must commence. To the future of our children and students we’re saying no more strikes.
“There must be a Consumer Credit Scheme which will have to come to effect as soon as possible.
“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.
On his part, Minister of Education, 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 said:
“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.
“They (applicants) will be treated based on the number of those who registered.”