Student loan scheme to commence January 2024: Tinubu; President Bola Tinubu has announced that the student loan program will be fully operational starting in January 2024. He made this declaration during the 29th Economic Summit, a collaborative effort by the Nigerian Economic Summit Group (NESG) and the Federal Ministry of Budget and Economic Planning, held in Abuja.
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Student loan scheme to commence January 2024: Tinubu
President Tinubu also assured Nigerians that government-owned tertiary institutions would no longer experience strikes. While acknowledging that his reforms had short-term negative effects on the country, he promised that the benefits would soon be evident.
In June, President Tinubu signed the Student Loan Bill into law, delivering on a campaign promise. This legislation provides interest-free loans to economically disadvantaged Nigerian students.
Additionally, he guaranteed that Nigeria would honor all future foreign exchange contracts. He expressed his commitment to addressing the foreign exchange contract backlog, which has been undermining investor confidence as the value of the naira continues to decline in the parallel market.
The Chairman of NESG, Niyi Yusuf, emphasized the risks posed by low growth and low investment in a nation with over 133 million multidimensionally poor citizens. He pointed out the potential impact on the future of Nigerian children and the challenges faced by the aging population, including the erosion of retirees’ savings and investments.
The high fertility rate, which outpaces economic growth, was noted as a risk, resulting in an unproductive population bulge and increased social infrastructure costs for children’s health, nutrition, and education.
Yusuf also expressed optimism that Nigeria’s multi-trillion-dollar economy could become viable within a decade through serious reform, consistent economic actions, and deliberate institutional changes.
