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Student Loan Scheme To Begin January – FG

Posted by Thandiubani on Thu 18th Jan, 2024 - tori.ng

Sununu said monetary provision for student loans has already been made in the 2024 budget, adding that the website for the scheme is almost completed.

President Bola Tinubu has restated his government's resolve to kick-off the student loan scheme this January.

The Minister of State for Education, Yusuf Sununu, said this on Wednesday while speaking to journalists at the end of the first Federal Executive Council (FEC) meeting of the year at the State House in Abuja.

Sununu said monetary provision for student loans has already been made in the 2024 budget, adding that the website for the scheme is almost completed.

He said: “January is a reality for the commencement of the student loan scheme in Nigeria. Already, the website is almost done.

“Application for beneficiaries will be online; criteria for students to get admission is that you must be a Nigerian and find yourself in a public school, and the application is also online, which will be processed timely, and you can access your loan within 30 days.

“Funds have been set aside in the 2024 appropriation act and also the supplementary budget for 2023.”

Sununu further disclosed that the council approved the setting up of foreign institution campuses in the country to increase enrollment of Nigerians and encourage research among higher institutions worldwide.

The minister said that a guideline had been provided to ensure standardisation of training on the local campuses, adding that the policy would also save the nation scarce foreign exchange.