The Student Loan Scheme will take off next January, President Bola Tinubu has assured.
President Tinubu signed the Student Loan Bill into law last 12th June, 15 days after his assumption of office. It was proposed by the then Speaker of the House of Representatives , Rt. Hon. Femi Gbajabiamila, who is now Chief of Staff to the President.
It is to provide interest-free loans to students in tertiary institutions in order to make funding education at that level more accessible to all.
Declared open the 29th session of the Nigeria Economic Summit (NES) at Transcorp Hilton, Abuja on Monday, President Tinubu also promised that episodes of industrial action by academic staff unions of tertiary institutions would become a thing of the past.
“By January 2024, the new Students Loan Programme must commence. To the future of our children and students we’re saying no more strikes”, the President said.
The NES is anchored by the non-profit think-tank, the Nigerian Economic Summit Group.
President Tinubu, who elaborated on his administration’s plans to stabilise the economy through the collaboration of all stakeholders, especially the private sector, also noted the need to immediately initiate a sustainable credit scheme.
He reasoned that such a scheme would aid an effective anti-corruption campaign
“There must be consumer credit, the scheme will have to come into 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.
The President’s comments come 72 hours after he approved the partial waiver of the “No Work, No Pay” Order instituted against striking members of the Academic Staff Union of Universities (ASUU) following the commencement of their eight-month strike which began on 14th February 2022, and was terminated on 17th October 2022.
The waiver allows for the previously striking members of ASUU to receive four months of salary accruals out of the eight months of salary which was withheld during the eight-month industrial action undertaken by the union.
