According to the Federal Government, arrangements are being made for student loan distribution to start in September. On Wednesday in Abuja, David Adejo, permanent secretary at the Federal Ministry of Education, said this in response to inquiries from media.
According to The report, President Bola Tinubu enacted the law granting students access to interest-free loans on Monday.
Adejo claims that President Tinubu ordered that the initial loan beneficiaries be accessible for the 2023–2024 academic year.
As I talk with you today, the president has authorized the committee made up of the ministries and agencies, and their meeting is scheduled for June 20. The act as it stands lays out the procedure.
The president also stated that he wanted to examine who had received these loans by September or October of the 2023–2024 academic year. So, for us, it’s a very serious march. Therefore, in the interim, we must pretend that the loan application procedure is still in place, Adejo remarked.
Adejo emphasized the significance of the measure by stating that poor students would have simple access to higher education through loans from the Nigerian Education Loan Fund, which would be interest-free.
The bank won’t be the kind to sit around and be collecting application loans, he added, having learned from previous mistakes.
Because we’ve had instances of debt recovery in the past, it will also carry out standard banking operations and ensure loans are made, he added.
In the meanwhile, interested parties have continued to promote the recently enacted student loan act.
The National Association of Nigerian Students is the most recent group to commend the action. While applauding President Tinubu for signing it, the group urged him to change the composition of the special committee that would manage the new Nigerian Education Loan Fund to include student representation.
On Tuesday, Umar Barambu, the president of NAN, paid Tinubu a visit at his office while leading other leaders.
We are here to congratulate you and to thank you for all that you have been doing for the nation since taking office as president, Barambu stated. We both wish to express our gratitude for the Students Loan Bill.