Federal Government Announces January 2024 Launch for Student Loan Scheme

The Chief of Staff to the President, Honourable Femi Gbajabiamila, disclosed on Friday in Lagos that the Federal Government is set to commence its student loan scheme in January 2024. The scheme aims to provide Nigerian students with accessible loans to support their educational pursuits.

Speaking at the 35th convocation ceremony of Yaba College of Technology (YABATECH), Gbajabiamila outlined the seamless process for loan application, verification, and disbursement. He emphasized that the online application system would ensure transparency and equality in granting loans.

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Earlier this year, President Bola Ahmed Tinubu signed the Students’ Loan (Access to Higher Education) Act, establishing the Education Loan Fund. This Act created a new legal framework to offer interest-free loans to Nigerian students. Gbajabiamila assured that efforts are underway to actualize this initiative by January 2024.

The application process is designed to eliminate any direct interaction between loan administrators and beneficiaries. Gbajabiamila stated, "Nobody will need to know anybody to qualify for these loans, so that access to this financing will be genuinely egalitarian."

While acknowledging the student loan system as a step toward funding quality public tertiary education, Gbajabiamila urged a broader conversation on addressing the financial needs of public tertiary institutions. He stressed the importance of resources for maintaining scholarship quality, academic output, and producing competitive graduates.

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"In a perfect world, access to education would be a fundamental benefit afforded to every individual from basic through tertiary," Gbajabiamila said. However, he recognized the real-world challenges of balancing access and quality education. The chief of staff advocated for sustained investment in education, including infrastructure, technology, and collaborative efforts between institutions and the private sector.

Gbajabiamila concluded by highlighting the changing nature of work and the global competition faced by the new generation. He urged a new understanding of work, future employment, and the role of education in preparing individuals for a technology-driven workplace.

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The rector of YABATECH, Dr. Ibraheem Abdul, commended the institution's commitment to youth empowerment through various programs. He noted initiatives such as the Quadruple Helix Collaboration Scheme, the establishment of a center for technology marketing and product development, the YCT Industry Alliance Group Programme, and the Students Work and Study Scheme.

The lecture, titled ‘Empowering Nigerian Youths in the Present-Day Economy,’ aimed to inspire graduates and ignite passion for pursuing dreams and contributing meaningfully to the nation's development.