During a recent appearance on TVC’s Politics, Ajuri Ngelale, the Special Adviser to President Tinubu on Media and Publicity, made an exciting announcement about the National Student Loan Programme, which is set to launch on Thursday.
The programme is a crucial step towards easing the financial strain faced by Nigerian families and young individuals, especially given the current economic climate.
Ngelale emphasized the significance of the scheme, stating that it would be a major boon for Nigerians during these trying times.
The National Student Loan Programme was established with the enactment of the Access to Higher Education Act, 2023, which President Tinubu signed on June 12, 2023.
This legislation represents a significant stride towards providing interest-free loans to underprivileged students in Nigerian tertiary institutions.
As part of Tinubu’s commitment to liberalizing education funding, the Students Loan Law, also known as the Access to Higher Education Act, established the Nigerian Education Loan Fund, which will be responsible for handling loan requests, grants, disbursements, and recoveries.
The scheme’s implementation was initially projected for September, but it was delayed. Nevertheless, President Tinubu has reiterated that the programme will commence in January 2024.
During the opening of the 29th session of the annual Nigeria Economic Summit on October 23, 2023, he declared, “By January 2024, the new Students Loan Programme must commence. ‘To the future of our children and students, we’re saying no more strikes!”
Tinubu has proposed a budget of N50 billion for the programme’s initiation in the 2024 budget presented to the National Assembly last November.
