Students’ loan scheme to kick-off in Jan 2024 — Gbajabiamila
The Chief of Staff to the President, Rt. Hon. Femi Gbajabiamila, has announced plans for the initiation of the Students’ Loan Scheme in January 2024, providing Nigerian students with the means to finance their educational pursuits.
Speaking during a lecture at the 35th convocation ceremony of Yaba College of Technology (YABATECH) in Lagos, Gbajabiamila emphasized that the application process would be streamlined, allowing online applications, verification, and credit disbursement based on submitted verifiable documents.
READ ALSO: FGN set to launch student loan program in September/October 2023, covering private, public students
Highlighting the legislative foundation of the initiative, Gbajabiamila mentioned that President Bola Ahmed Tinubu signed the Students’ Loan (Access to Higher Education) Act earlier in the year.
The act establishes the Education Loan Fund, creating a legal framework for interest-free loans to support Nigerian students. Gbajabiamila assured that the application system would ensure egalitarian access, stating, “Nobody will need to know anybody to qualify for these loans.”
While addressing the broader challenges in tertiary education funding, Gbajabiamila stressed the need for aggressive and sustained investment.
He acknowledged that quality tertiary education requires more resources than currently available, emphasizing the importance of generating funds through fees, investments, and other means to maintain competitiveness globally.
In response to these challenges, Dr. Ibraheem Abdul, the Rector of YABATECH, emphasized the institution’s commitment to youth empowerment through various initiatives.
He highlighted programs such as the Quadruple Helix Collaboration Scheme for Youth Empowerment, the Centre for Technology Marketing and Product Development, the YCT Industry Alliance Group (YIAG) Program, and the Students Work and Study Scheme.
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