Federal Government Affirms January Launch for Student Loan Scheme

The Federal Government has assured that the student loan scheme is on track for its scheduled January take-off, with plans to ensure timely access to the credit facility within 30 days. Minister of State for Education, Yusuf Sununu, provided this update during a briefing with State House correspondents after the Federal Executive Council (FEC) meeting presided over by President Bola Tinubu at the Presidential Villa in Abuja.

Sununu emphasized that all preparations are in place for the scheme’s initiation, including the completion of the student loan scheme website and the finalization of technical plans to facilitate its commencement. He confirmed that the necessary funds have been allocated in both the 2024 appropriation act and the supplementary budget for 2023.

In outlining the application process, Sununu stated, “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 application is also online, which will be processed timely, and you can access your loan within 30 days.”

The Minister also announced the government’s approval of a new policy on transnational education in Nigeria. He explained that the council has adopted guidelines for implementing transnational education across borders, enabling Nigerian institutions to collaborate with foreign counterparts to offer education services within Nigeria.

As a member of the World Trade Organization and a signatory to the General Agreement on Trade in Services (GATS), which includes education as an exportable service, Sununu highlighted the significance of this new policy. The initiative aims to increase access to tertiary education in Nigeria, providing relief for the substantial number of secondary school graduates seeking university admission annually.

The Minister elaborated on how transnational education would ease placement pressures, encourage the exchange of ideas and research, boost tertiary enrollment, and alleviate foreign exchange pressures for Nigerians studying overseas. Additionally, Sununu emphasized that this policy would attract foreign investment and funding for government institutions.