FG budgets 50bn for student loan in 2024

FG budgets 50bn for student loan in 2024

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FG budgets 50bn for student loan in 2024

President of the Federal Republic Of Nigeria

FG budgets 50bn for student loan in 2024. In the 2024 budget, the Federal Government allocated N50 billion for the implementation of its student loan system.

This was stated in the budget appropriation information for 2024.

Meanwhile, details on how President Bola Tinubu’s loan scheme, announced in June, will be executed remain hazy.

However, the President assured that the loan plan will begin in January.

Tinubu, who spoke at the 29th National Economic Summit in November, claimed that the student loan plan was a more sustainable model for paying tertiary education and improving citizens’ access to higher education, according to the PUNCH.

“The new student loan program must begin by January 2024.” No more strikes, we urge, for the sake of our children and students.

“To address long-standing issues in the education sector, a more sustainable model of tertiary education funding will be implemented, including the Student Loan Scheme, which is set to go live in January 2024.”

“The most important resource for national development is human capital.” As a result, the budget prioritizes human development, with a special focus on children, the foundation of our nation,” Tinubu stated.

Many Nigerians have criticized the Bill’s introduction since it was signed into law in June, portraying it as a ploy to introduce tuition fees at the country’s postsecondary institutions.

For example, the Academic Staff Union of Universities stated that if the government was honest in its goals, the planned student loan should be made a grant rather than a loan.

Andrew Adejoh, Permanent Secretary at the Ministry of Education, had previously stated that the student loan plan would begin in September. However, this did not occur.

The funds for the plan will be housed in the Central Bank of Nigeria and handled by an 11-member special committee chaired by the CBN governor, according to the student loan bill signed by the President in June.

Members of the committee, according to Section 5 of the law, are the ministers responsible for education and finance, or their deputies, and the Federation’s Auditor-General.

The Chairman of the National Universities Commission, a representative of the Forum of University Vice-Chancellors, a representative of the Forum of Polytechnic Rectors, and a representation of all Colleges of Education in the country are also members.

Members also include representatives from the Nigeria Labour Congress, the Nigerian Bar Association, and the Academic Staff Union of Universities.

A senior ASUU official told The PUNCH on Wednesday that the union had not been consulted on the intricacies of the scheme’s execution.

The official, who spoke on the condition of anonymity, stated that the ASUU leadership was opposed to the concept of a loan and preferred handouts for needy students instead.

Prof. Gbolahan Bolarin, Chairman of ASUU at the Federal University of Technology, Minna, told our correspondent, “We don’t have any information.” There are no specifics other than the minister’s statement that it will begin in January 2024.”

Similarly, Dr. Anderson Ezeibe, National President of the Academic Staff Union of Polytechnics, stated, “We do not have any information.” There are no specifics.”

Ayodamola Oluwatoyin, Director of Programs at Reform Education Nigeria, urged the government to be more transparent in the implementation process.

“At first, it was announced that implementation would begin in September 2023. The government stayed silent until the President spoke up again, stating that implementation may begin in January 2024.

“I believe the government should be open and transparent about the implementation process.” We know a certain sum has been set aside, but we need additional specifics and facts. “It’s not just about announcing dates; we also need information about the committees that have been formed,” Oluwatoyin explained.

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