The Chief of Staff to Bola Ahmed Tinubu, Femi Gbajabiamila, has announced that the Student Loan Scheme will be launched in January 2024.
The scheme aims to provide Nigerian students with the financial resources necessary to pursue their educational goals.
Gbajabiamila made the announcement while delivering a lecture titled “Empowering Nigerian Youths in the Present Day Economy” at the 35th convocation ceremony of Yaba College of Technology (YABATECH).
He explained that the application process for the loan scheme will be entirely online, with applicants applying, being verified, and being credited based on the verifiable documents and credentials they submit.
He emphasized that the system is designed to be egalitarian, with no need for personal connections to qualify for the loans.
Earlier this year, Bola Ahmed Tinubu signed the Students’ Loan (Access to Higher Education) Act, establishing the Education Loan Fund.
This new legal framework will provide education financing through interest-free loans to Nigerian students.
Gbajabiamila acknowledged that while the loan system addresses part of the funding issue for quality public tertiary education, it does not solve the entire problem.
He stressed the need for a thorough consideration of ways to address the funding needs of public tertiary institutions beyond government subvention.
He further stated that for Nigerian institutions to compete favorably, more resources are needed to address the decline in the quality of scholarship, academic output, and the graduates produced by many institutions.
The Chief of Staff also highlighted the need for a program of aggressive and sustained investment in education, not only in physical infrastructure but also in technology hardware and software to facilitate information exchange and innovation.