Even the worst of President Bola Tinubu’s critics will admit that he has proved to be a man on a mission. Within two weeks of assuming duty, he has removed subsidy on fuel causing the price to rise by over 150 per cent. He has announced the unification of FX window, putting an end to multiple exchange rates; suspended the governor of the Central Bank of Nigeria, chairman of the Economic and Financial Crimes Commission (EFCC), and signed into law the Student Loan Bill, among others.
The student loan act is worthy of attention because it is the first major policy targeted at Nigerian youths whom the President claimed to have heard loud and clear following the outcome of the 2023 presidential election in which the younger generation pushed their political advocacy beyond the social media to the polls.
So, we can imagine the amount of funds that will come to the education loan bank through all the government agencies and other sources that have been mandated to contribute towards it.But money is not enough. There should be a clear definition of what the scheme aims to achieve and how it intends to succeed. Right now, the first major threat to its survival is non-repayment of loans. An average Nigerian graduate earns between N30,000 and N50,000 a month. This is less than $100.
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Federal Gov't Kickstarts Student Loan SeptemberThe Federal Government has said that it was working out modalities to commence student loans in September/October 2023.
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BREAKING: FG to start disbursement of student loan September - Punch NewspapersBREAKING: FG to start disbursement of student loan September
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FG to start disbursement of student loan from September | TheCableThe federal government says it is working out modalities to begin the disbursement of student loan from September and October. David Adejo, permanent secretary at the federal ministry of education,
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Pro-chancellors hail Tinubu over student loan actThe PUNCH reports that the meeting brought together Pro-Chancellors from 50 federal universities.
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