FG Defies ASUU, Reaffirms January 2024 as Commencement Date for Student Loan Scheme

The Minister of State for Education, Dr. Yusuf Tanko Sununu, has confirmed that the Student Loan Scheme, approved by President Bola Tinubu in June, is set to commence in January 2024 despite the Academic Staff Union Of Universities (ASUU) calling for grants instead of student loans.

Dr. Sununu reiterated the Federal Government’s commitment to the scheme during an appearance on Arise TV on Thursday morning.

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The Federal Government has allocated N50bn in the 2024 budget for the implementation of the student loan scheme, according to a report by The PUNCH. The details of this allocation were included in the 2024 budget appropriation.

Dr. Sununu addressed questions about the status of the student loan programme, stating, “I want to tell you that we are on track. The committee is working day in and day out. The whole thing is going to be online, not through physical access. A website that will make for easy access is being developed.”

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He further added, “We want trust in governance and trust must have a timeline. So it may take from January 1st to January 31st, but as much as possible, we will ensure that by the 31st of January, students can access it.”

Dr. Sununu assured that if for any reason the scheme cannot be delivered as planned, the government will provide an explanation. He emphasized that the student loan scheme is being closely monitored by multinational, international, and local bodies, as well as students and parents. He expressed confidence in the political will and trajectory of President Tinubu to achieve the scheme’s objectives.

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President Tinubu had previously emphasized the viability of the student loan scheme as a means of financing tertiary education and expanding the public’s accessibility to higher learning at the 29th National Economic Summit in November. He stated, “By January 2024, the new students loan programme must commence. To the future of our children and students, we are saying no more strikes."

The Student Loan Scheme is part of the government’s efforts to implement a more sustainable model of funding tertiary education. It is scheduled to become operational by January 2024.