Student Loan: January Take-Off Plans Still Intact, Says Federal Gov’t

The federal government has affirmed that the Student Loan scheme is set to commence in January, with plans ensuring timely access to the credit facility within 30 days. Minister of State for Education, Yusuf Sununu, revealed to State House correspondents on Wednesday after the Federal Executive Council (FEC) meeting presided over by President Bola Ahmed Tinubu at the Presidential Villa.

Sununu also confirmed that preparations are complete for the scheme to begin, including the finalization of the Student Loan scheme website and the conclusion of technical plans to facilitate the scheme’s kick-off. The minister noted that funds have been allocated for the Student Loan scheme in the nation’s 2024 budget and the Supplementary budget for 2023.

 “January is a reality for the commencement of the Student Loan scheme in Nigeria; already, the website is almost done. Application for beneficiaries will be online, with the criteria that students must be Nigerian citizens attending public schools. The online application will be processed promptly, and beneficiaries can access their loans within 30 days. Funds have been set aside in the 2024 appropriation act, as well as the supplementary budget for 2023,” the Minister added.

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