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President Bola Tinubu has confirmed that the Student Loan Scheme, which he greenlit on June 12, 2023, is set to be operational by January 2024. Additionally, he pledged to bring an end to recurrent strikes by academic staff unions in tertiary institutions.
During the opening of the 29th annual Nigeria Economic Summit at Transcorp Hilton, Abuja, Tinubu emphasized the government’s commitment to stabilizing the economy through extensive collaboration, particularly with the private sector. He stressed the urgency of establishing a sustainable credit scheme, highlighting its role in 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 program, develop it now. We cannot talk about anti-corruption when you have to look for cash to buy a car when there’s no mortgage for homeownership,” Tinubu emphasized.
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This announcement comes shortly after Tinubu authorized a partial waiver of the “No Work, No Pay” Order for members of the Academic Staff Union of Universities (ASUU) following their eight-month strike that commenced on February 14, 2022, and concluded on October 17, 2022. The waiver allows previously striking ASUU members to receive four months’ worth of withheld salary accruals.
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