The Federal Ministry of Education has announced that the implementation of the Students Loan scheme is set to commence in the upcoming 2023/2024 academic session.
David Adejo, the Permanent Secretary of the Ministry, during a meeting with the House of Representatives Committee on Students Loans on Tuesday elaborated that President Bola Tinubu has directed the finalisation of essential preparations for the implementation, targeting a commencement date in September 2023.
A coordinating committee, led by the Chief of Staff, has been established by the President.
The committee includes key stakeholders such as the Central Bank of Nigeria, the Federal Budget Office, the Ministry of Education, and the Ministry of Finance, Mr Adejo explained.
Representing the Acting Governor of the Central Bank of Nigeria (CBN), Kofo Alada, the Director of Legal Services stated that the student loan program is being designed to incorporate technology. “The system will be streamlined to eliminate physical interactions and paper movements. Students will be able to apply for the loan comfortably from their homes,” he said.
Teseer Ugbor, the committee chairman, highlighted that the students’ loan initiative would alleviate hardships and ensure broader access to higher education but raised concerns about the disbursement process, fund recovery from beneficiaries, and the potential challenges students might face in accessing the loan.
President Bola Ahmed Tinubu signed the Student Loan bill into law in June, aiming to provide financial assistance to students enrolled in tertiary institutions across the nation.
