Dr. Yusuf Tanko Sununu, the Minister of State for Education, has confirmed that the Student Loan Scheme, approved by President Bola Tinubu in June, is slated to commence in January 2024.
The Federal Government has allocated N50 billion in the 2024 budget for the implementation of this initiative, as outlined in the budget appropriation details.
Reaffirming the government’s commitment, Sununu stated on Thursday, “We are on track,” when asked about the upcoming student loan program.
He assured that efforts are underway to ensure that students can access the scheme between January 1st and January 31st, emphasizing the importance of transparency and accountability in governance.
Sununu acknowledged the scrutiny from various organizations and stakeholders, pledging to provide explanations if there are any delays in delivery.
President Tinubu, at the 29th National Economic Summit in November, underscored the importance of the student loan scheme as a viable solution to fund tertiary education and enhance widespread access to higher learning.
The implementation of a more sustainable model for tertiary education funding, including the Student Loan Scheme, aims to address longstanding challenges in the education sector and is set to take effect in January 2024.
