News

Minister of State for Education Assures Swift Access to Loans Within 30 Days Through Online Application

Published

3 months ago

January 18, 2024

Federal Government Reiterates Commitment to January Launch of Student Loan Scheme

In a briefing after the first Federal Executive Council meeting of 2024, Minister of State for Education, Dr. Yusuf Sununu, affirmed that the Federal Government’s Student Loan Scheme remains on track for its anticipated commencement this month.

Emphasizing the online application process, Sununu assured that students who apply through the soon-to-be-completed website can expect to access the facility within 30 days.

President Bola Tinubu had previously declared the commencement of the new Students Loan Programme in January 2024 during the 29th session of the Nigeria Economic Summit in October 2023. The President expressed the government’s commitment to ensuring the smooth operation of the program and curbing disruptions caused by strikes in higher education institutions.

Sununu outlined the eligibility criteria for prospective beneficiaries, emphasizing the need for admission into a public school in Nigeria. Once qualified, applicants can apply online, with a streamlined processing period to facilitate loan disbursement within a month.

Funds allocated for the Student Loan Scheme are embedded in both the 2024 budget and the supplementary budget for 2023. The primary objective of the scheme is to enhance accessibility to higher education for students, particularly in tertiary institutions.

In a related development, the Ministry of Education presented guidelines for implementing transnational education in Nigeria to the Federal Executive Council. This initiative aims to permit foreign degree-awarding institutions to establish a presence in Nigeria, employ local talent, admit local students, and alleviate the strain on existing higher education institutions. Sununu highlighted the global trade agreements, such as Nigeria’s membership in the World Trade Organisation since 1995, as the foundation for facilitating exportable educational services across borders.