January 2024 Commencement of Student Loan Scheme Intact—FG

January 18, 2024
Student Loan Scheme

By Adedapo Adesanya

The Minister of State for Education, Mr Yusuf Sununu, has emphasised that the January date for the take-off of Nigeria’s student loan scheme is still intact, adding that a website had already been working for interested students with requisite criteria.

While speaking at the 29th National Economic Summit in October 2023, President Bola Tinubu said the loan programme “must commence” in January 2024.

Now, Mr Sununu, after the first 2024 meeting of the Federal Executive Council (FEC) held in Abuja on Wednesday, pointed out that the government had made funding provisions for it in the 2024 budget and commencement was near.

Mr Sununu also 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 institutes worldwide.

He said that a guideline has been provided to ensure that the quality of training on local campuses is standardised with the parent institution abroad.

He added that the policy would also save the nation from scarce foreign exchange taken abroad instead of being used for national development.

Recall that the Permanent Secretary at the Ministry of Education, Mr Andrew Adejoh, had earlier said the implementation of the student loans scheme would be in September 2023, but this date was missed by the government, which was yet to get all things in place.

President Tinubu signed the Student Loan Bill into law last year, and the scheme has been touted as a measure that would curb the lack of access to education.

Meanwhile, President Tinubu has approved the payment of renewal fees for the Group Life Assurance for federal government workers.

Minister of Information and National Orientation, Mr Mohammed Idris disclosed this sequel to a memo brought by the Head of the Civil Service of the Federation, Mrs Folasade Yemi-Esan to the council.

He said the President approved about N9.6 billion for 12 local insurance firms to cover the Federal workers in case of unforeseen eventualities in the course of their duties.

“There are about 12 insurance companies involved. It’s a normal annual cover that insurance companies give workers. So, in the event of death or severe injury, they can resort to and so that their families would not have to suffer,’’ he said.

Mr Idris said that the approval was part of the administration’s determination to accord all its workers the needed reward that would improve efficiency, productivity, and service delivery to Nigerians.

Adedapo Adesanya

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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