Is N50 Billion Enough for Student Loan Scheme? Economist Speaks
Despite the hundred per cent increase in the education budget in the 2024 appropriation bill, Nigeria has failed to meet the UNESCO-recommended quota UNESCO recommends that at least 15 to 26 per cent of a nation's budget be allotted to education However, President Bola Tinubu has been commended for earmarking N50 billion for the student loan scheme
Akeelah
The N27.5 trillion 2024 budget presented by President Bola Ahmed Tinubu has earmarked N2.18 trillion for education. It is 101.85 per cent more than the N1.08 trillion earmarked for the sector in the 2023 budget.
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The allocated funds include N1.23 trillion for the Federal Ministry of Education and its affiliated agencies, N251.47 billion for the Universal Basic Education Commission and N700 billion designated for transfers to the tertiary education trust fund.
Additionally, N50 billion was allocated for the Federal Government's student loan scheme. Reacting to the budget for education and the N50 billion earmarked for the student loan scheme, a foremost economist, Paul Alaje, said the budget does not meet the UNESCO benchmark of a minimum of 15 to 26 per cent. In a brief chat with Legit.ng, Alaje hailed President Tinubu for the hundred per cent increase in education compared to the previous budget in 2023.
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He also commended the President for the monies allotted to the student loan scheme, stating that it was a good start. Alaje said: "I think N50 billion is a good start, and I commend Mr President for that. And I also would like to mention that government should also try to have grants.
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