FG Insists on January Takeoff for Student Loan Scheme

The Minister of State for Education, Dr. Yusuf Tanko Sununu, has reaffirmed that the Student Loan Scheme, approved by President Bola Tinubu in June, is set to commence in January 2024. Speaking on Arise TV, Sununu assured that the Federal Government is committed to the initiative.

The 2024 budget allocates N50 billion for the implementation of the student loan scheme, as outlined in budget details. Sununu clarified that the entire process would be online, with the development of a user-friendly website to facilitate easy access.

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Responding to queries about the program's timeline, Sununu stated, "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."

He emphasized the government's accountability, stating, "If for any reason we cannot deliver, we will explain. We know that, as far as student loans are concerned, we are being tracked by multinational, international, and local bodies, even the students and parents."

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President Tinubu, in November, underscored the viability of the student loan scheme as a means to finance tertiary education and reduce strikes. He declared, "To the future of our children and students, we are saying no more strikes. A more sustainable model of funding tertiary education will be implemented, including the Student Loan Scheme scheduled to become operational by January 2024."