Federal Government Says Student Loan Scheme Is Ready For Takeoff This Month

The Federal Executive Council (FEC) has raised the hope of students in public tertiary educational institutions over its proposed student loan scheme.

It says the long-awaited scheme will take off this month, as scheduled.

The Education Minister of State, Yusuf Sununu, made this known to the State House correspondents on Wednesday, at the end of the weekly meeting of the federal executive council, at the presidential villa in Abuja.

He said the website and the technical plan for the takeoff of the scheme have been completed.

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The Minister added that funds for the implementation of the loan scheme have been provided in the 2023 supplementary budget and the 2024 budget.

According to him, the major criteria for benefiting from the loan scheme was that applicants must be Nigerians in public tertiary educational institutions.

Ahead of the launch of the scheme, both federal and state universities had jerked up their respective tuition fees by more than 100 percent.

“January is a reality for the commencement of the Student Loan scheme in Nigeria; already, the website is almost done. Application for beneficiaries will be online, with the criteria that students must be Nigerian citizens attending public schools. The online application will be processed promptly, and beneficiaries can access their loans within 30 days.

“Funds have been set aside in the 2024 appropriation act, as well as the supplementary budget for 2023,” the Minister added.