Presidency Assures Take Off Of Proposed Student Loan Scheme Next Month

The Presidency has again reassured Nigerians that the proposed student’s loan scheme would be operational, as from next month.

Federal Ministry of Education’s Permanent Secretary, David Adejo, gave this indication, while appearing before an Adhoc committee set up by the House of Representatives on the proposed scheme.

Adejo said the President had directed that the scheme must take off in September, adding that various committee set up to work out modalities for its implementation are finalizing their work.

Also, the legal service director of the Central Bank of Nigeria (CBN), Kofo Alada, said the disbursement of the loan would be technological driven to enable students access the loan from the comfort of their homes.

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Alada said that technical design of the scheme had been completed, while the technical committee was working on the constitution, to prevent state governments from backing out of the scheme, if the fund for the loan was being disbursed from the federation account.

According to him, the proposed loan would be funded by one percent of the government’s internally generated revenue.

The CBN legal adviser, however said the committee is considering sourcing the fund from either the federation account or the consolidated revenue fund.