Home News FG insists to commence student loan scheme January 2024

FG insists to commence student loan scheme January 2024


The Minister of State for Education, Dr. Yusuf Tanko Sununu, has said that the Student Loan Scheme that was approved by President Bola Tinubu in June is on track to commence in January 2024.

Sununu reiterated the Federal Government’s commitment during an appearance on Arise TV on Thursday morning.

The Federal Government earmarked N50bn in the 2024 budget for the implementation of its student loan scheme. This was contained in the details of the 2024 budget appropriation.

In response to questions regarding the status of the student loan programme set to begin in January 2024, he said, “I want to tell you that we are on track. The committee is working day in and day out.

“The whole thing is going to be online, not through physical access. A website that will make for easy access is being developed.”

When asked to be specific, he said: “We want trust in governance and trust must have a timeline. So it may take from January 1st to January 31st, but as much as possible, we will ensure that by the 31st of January, students can access it.”

“If for any reason we cannot deliver, we will explain. We know that, as far as student loans are concerned, we are being tracked by multinational, international and local bodies, even the students and parents. And I assure you that by the political will and trajectory of Mr President, that is achievable.”

President Tinubu had in November, at the 29th National Economic Summit, emphasized the viability of the student loan scheme as a means of financing tertiary education and expanding the public’s accessibility to higher learning.

He stated: “By January 2024, the new students loan programme must commence. To the future of our children and students, we are saying no more strikes.

“To address long-standing issues in the education sector, a more sustainable model of funding tertiary education will be implemented, including the Student Loan Scheme scheduled to become operational by January 2024.”



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