Dr. Yusuf Tanko Sununu, the Minister of State for Education, recently reaffirmed that the much-anticipated Student Loan Scheme, greenlit by President Bola Tinubu earlier in June, remains on schedule for its launch in January 2024.
In an appearance on Arise TV, Sununu reiterated the Federal Government’s steadfast commitment to the initiative. The allocation of N50bn in the 2024 budget explicitly earmarked for the implementation of the student loan scheme underscores the government’s dedication, as outlined in the details of the 2024 budget appropriation.
During the discussion about the impending status of the student loan program set to kick off in January 2024, Sununu assured, “We’re on track with the committee working tirelessly. The entire process will be facilitated online, ensuring easy access through a dedicated website currently under development.”
When pressed for specifics, Sununu stressed the importance of maintaining trust in governance by adhering to a timeline. “We aim for a timeline from January 1st to January 31st. By the 31st of January, students should have access. Should there be any delay, we will provide explanations. We are well aware of the keen interest from various stakeholders, including multinational bodies, locals, students, and parents.”
Emphasizing the government’s commitment, Sununu highlighted the proactive approach of President Tinubu, affirming, “We are mindful of the expectations placed on us. Our progress is being monitored by international and local bodies, and by leveraging the political will and direction of Mr. President, we are confident of achieving this milestone.”
President Tinubu, in his address during the 29th National Economic Summit in November, reiterated the necessity and feasibility of the student loan scheme in revolutionizing tertiary education funding. He emphasized, “Starting January 2024, the new student loan program will kick off. We are committed to securing the future of our children and students, aiming to eliminate disruptions in educational institutions.”
Addressing persistent issues in the education sector, President Tinubu pledged, “We’re implementing a sustainable model for funding higher education, including the Student Loan Scheme, set to be operational by January 2024, ensuring a more accessible avenue for the public to pursue higher learning without disruptions.”