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The Federal Government of Nigeria has given assurance that the student loan scheme will commence from the 2023/2024 academic year.
The disclosure was made Tuesday by permanent secretary of the Federal Ministry of Education, David Adej, at a meeting with the House of Representatives Committee on Students loan.
He dismissed rumour that fees have been increased by federal universities following the enactment of the Students Loan Act.
He said President Bola Tinubu has directed the completion of necessary work on the modalities for the implementation, expectedly from September, adding that the president has established a coordinating committee, with the Chief of Staff serving as the chairman for that purpose, and a technical team charged with the mandate to establish a solid framework for initiating the program by addressing perceived legal hindrances against seamless access to the scheme.
“What they (universities) collect is charges to cover the cost of accommodation, ICT, and power, among others. It is the governing councils of the universities that have the power to approve such charges for them. The only university that increased charges after the signing of the Student Loans Act is the University of Lagos. They came to the ministry with a proposal to increase their charges because all governing councils were dissolved and we gave them approval.
“Immediately that was done, there was a resolution from the House, stopping the increase of fees and the president also gave a directive stopping any increase in fees and that is where it is, even though several others have brought their proposal,” Adejo said.
Also speaking, Director, Legal Services of the Central Bank of Nigeria (CBN), who stood in for the Acting Governor of the apex bank, Kofo Salami Alada said the student loan was being designed to be technology driven. (Blueprint)
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