The Student Loan Scheme will begin in January 2024, according to Femi Gbajabiamila, Bola Ahmed Tinubu’s chief of staff.
The programme seeks to give Nigerian students the financial means to pursue their academic objectives.
At Yaba College of Technology’s 35th convocation ceremony, Gbajabiamila made the announcement during a lecture titled “Empowering Nigerian Youths in the Present Day Economy.”
He said that the application process for the loan scheme will be totally online, with applicants applying, being confirmed, and being credited based on the verifiable documents and credentials they submit.
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He underlined that there is no requirement for personal relationships in order to be eligible for the loans because the system is meant to be equal.
Bola Ahmed Tinubu established the Education Loan Fund earlier this year when he signed the Students’ Loan (Access to Higher Education) Act.
Students in Nigeria will be able to finance their education with interest-free loans according to this new regulatory structure.
Although the loan system helps with some of the funding issues for high-quality public tertiary education, Gbajabiamila acknowledged that it is not a complete solution.
He emphasised that, in addition to government subvention, public tertiary institutions’ finance needs must be carefully considered.
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He added that additional resources are required to address the fall in the calibre of academic output, graduates from several universities, and scholarship in order for Nigerian institutions to compete favourably.
In order to promote innovation and information exchange, the Chief of Staff also emphasised the necessity of an aggressive and ongoing investment programme in education that includes both hardware and software purchases as well as physical infrastructure upgrades.
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