Nigerian Students Set to Benefit from New Loan Scheme in 2024

In a groundbreaking move towards fostering accessible education, the Chief of Staff to the President, Rt. Hon. Femi Gbajabiamila, announced plans for the imminent launch of the Students’ Loan Scheme in January 2024.

This initiative aims to provide Nigerian students with the financial support needed to pursue their educational aspirations.

Gbajabiamila revealed the streamlined process that applicants will undergo, emphasizing a seamless online application, verification, and credit allocation based on submitted verifiable documents and credentials.

The innovative approach ensures a transparent and egalitarian system, eliminating the need for personal connections to qualify for these interest-free loans.

Earlier in the year, President Bola Ahmed Tinubu signed the Students’ Loan (Access to Higher Education) Act, paving the way for the establishment of the Education Loan Fund.

This legislative milestone creates a new framework for providing interest-free loans to Nigerian students, marking a significant stride towards enhancing educational opportunities.

During his address at the 35th convocation ceremony of Yaba College of Technology (YABATECH) in Lagos, Gbajabiamila stressed the need for a comprehensive approach to tertiary education funding beyond government subvention.

He acknowledged the financial challenges faced by institutions and highlighted the importance of generating resources through fees, investments, and other means to ensure competitiveness and academic excellence.

In the pursuit of a quality tertiary education, Gbajabiamila advocated for aggressive and sustained investment in both physical infrastructure and technological advancements.

He underscored the significance of embracing technology, including hardware and software, to facilitate information exchange and innovation within educational institutions.

YABATECH’s Rector, Dr. Ibraheem Abdul, echoed the institution’s commitment to youth empowerment through various programs, including the Quadruple Helix Collaboration Scheme, the Centre for Technology Marketing and Product Development, the YCT Industry Alliance Group Program, and the Students Work and Study Scheme.

Source: Vanguard