President Bola Tinubu is set to launch a new student loan program on Thursday to help address strikes in Nigeria’s universities.
This program is a result of the Access to Higher Education Act, 2023, which was signed into law by President Tinubu on June 12, 2023.
The act allows financially disadvantaged students to access interest-free loans for their education in Nigerian universities.
Known as the Students Loan Law, this legislation creates the Nigerian Education Loan Fund, which will handle loan applications, grants, payments, and collections.
The bill, led by Femi Gbajabiamila, aims to remove financial obstacles that prevent students from pursuing higher education.
The Nigerian Education Loan Fund, as outlined in the law, will oversee student loans nationwide.
Ajuri Ngelale, the President’s Special Adviser on Media and Publicity, recently discussed the fund on TVC politics.
He said, “Later this week, on Thursday, the President will launch the historic National Student Loan Programme.”
“This is a major form of obligation reduction for Nigerians and families and young people at a time when Nigerians are feeling the pinch. We believe this is the way to go,” he added.
Allub Times learned that the President included a proposal of N50 billion for the fund’s initial funding in the 2024 budget that he presented to the National Assembly in November.
