Hope Beacons, as Federal Government Prepares to Open Student Loan Website this Month.

Hope Beacons, as Federal Government Prepares to Open Student Loan Website this Month.

Oluwasegun Falade Reporting

Osogbo, Nigeria.

In a press briefing after the first Federal Executive Council meeting for the year 2024, the Minister of State for Education, Dr Yusuf Sununu, affirmed that the Federal Government’s Student Loan Scheme is on track to commence this month. Emphasizing the near completion of the official website, Dr Sununu assured prospective beneficiaries that applications would be processed online, and successful applicants could access their loans within 30 days.

The Student Loan Bill, signed into law by President Bola Tinubu on June 12, 2023, aims to fulfill a campaign promise to liberalize education funding. The legislation enables indigent students to secure interest-free loans, addressing concerns surrounding access to higher education.

President Tinubu, during the opening of the 29th annual Nigeria Economic Summit on October 23, 2023, had set a deadline for the commencement of the Student Loan Programme in January 2024, pledging a resolution to challenges like strikes in the education sector.

Despite concerns about the timeline as January nears its end, Dr Sununu reassured the public that the scheme is on course, pointing out that funds have been allocated in the 2024 budget and the supplementary budget for 2023 to facilitate easy access to higher education in Nigeria, particularly for tertiary institutions.

Furthermore, Dr Sununu disclosed the Ministry of Education’s presentation of guidelines for implementing transnational education in Nigeria. This policy aims to allow foreign degree-awarding institutions to establish a presence in Nigeria, collaborate with local talent, admit local students, and alleviate pressure on existing higher education institutions.

Highlighting the economic benefits, Dr Sununu emphasized that transnational education would decrease pressure on the naira as it exchanges with the dollar. He assured that the policy comes at no monetary cost to the Federal Government but is designed to attract funds.

In conclusion, Dr Sununu stated, “To curb the issue of fake certification…we have come up with a policy document for you to establish a campus within the country; you must agree and be able to satisfy 100 per cent the provision of the guidelines, as rightly noted by the FEC.” The implementation of these policies is expected to enhance access to tertiary education in Nigeria while maintaining educational standards.

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