FG Shifts Date For Commencement Of Student Loan Scheme

The Federal government has postponed the date for the commencement of the Access to Higher Education Act, otherwise known as the Students Loan Law, signed by the President Bola Tinubu in June, 2023.

The Permanent Secretary of the Federal Ministry of Education, Andrew David Adejo, a few days after the bill was signed, told journalists that the scheme will commence in September or October.

The bill, which was sponsored by the House of Representatives speaker, Femi Gbajabiamila, was titled ‘A Bill for an Act to provide for easy access to higher education for Nigerians through an interest-free loan from the Nigerian Education Bank established in this Act with a view to providing education for Nigerians and for other purposes connected thereto.’

Adejo had explained that the loan will provide easy access to higher education for indigent Nigerians through interest-free loans from the Nigerian Education Loan Fund.

He had added that the President had also approved a committee made up of Ministries and Agencies to see to the commencement of the loan scheme.

The Permanent Secretary further said the government will create a specialized bank for the operation of the loans, noting that there will be a tracking system for efficient running of the loan scheme.

He had also noted that the loan will cover both students in private and public institutions, adding that the government will create a new bank to track the loan.

However, Tinubu while speaking at the 29th edition of the annual Nigerian Economic Summit on Monday in Abuja, said the commencement of the scheme has been extended to January 2024.

“By January 2024, the new Students Loan Programme must commence. The future of our children and students were saying no more strikes.

“There must be consumer credit, the scheme will have to come to effect as soon as possible. I thank my team and my colleagues for building this programme, 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,” he said.