Students loan takes-off January, FG reiterates

The federal government has reiterated its plan for the takes-off of students loan in January.

Junior education minister, Yusuf Sununu, on Wednesday reaffirmed that all is now set for the initiative that will be funded from the 2023 supplementary budget and 2024 appropriation bill.

“January is a reality for the commencement of Student loan scheme in Nigeria, already the website is almost done,” Sununu announced to newsmen after the end of the federal executive council (FEC) meeting presided over by President Bola Tinubu.

“Application for beneficiaries will be online, criteria for students to get admission is that you must be a Nigerian and find yourself in a public school and application is also online which will be processed timely and you can access your loan within 30 days.

“Funds have been set aside in the 2024 appropriation act so as also the supplementary budget for 2023.”

He said that the government has approved a new policy on transnational education in Nigeria and has adopted guidelines for implementing it across borders.

The Minister of state for education further explained that as a member of the World Trade Organization, Nigeria is signatory to the General Agreement on Trade in Services (GATS) which includes education as an exportable service.

He said the new policy is aimed at increasing access to tertiary education in Nigeria given the large number of secondary school graduates seeking university admission annually.

The Minister added that transnational education will ease placement pressures and allow progressive exchange of ideas and research.

He explained that it is expected to boost tertiary enrollment and minimize foreign exchange pressures for Nigerians studying overseas.

Sununu said that transnational education will attract foreign investment and funding for government institutions.