The Federal Government has reaffirmed its commitment to launching the Student Loan Scheme this month, emphasizing that the application process will be facilitated through a soon-to-be-completed website. According to Dr. Yusuf Sununu, the Minister of State for Education, applicants can expect to access the financial aid within 30 days of applying online. This announcement comes after President’s declaration during the 29th session of the Nigeria Economic Summit in October 2023, where he stressed the program’s commencement by January 2024 to eliminate student strikes.
Sununu outlined the eligibility criteria, stating that prospective beneficiaries need to secure admission into a public school in Nigeria. Once qualified, applicants can submit their requests online for prompt processing, with funds already allocated in the 2024 budget and the supplementary budget 2023. The primary goal is to enhance access to higher education for students in tertiary institutions across the country.
Moreover, Sununu shared details about the Ministry of Education’s proposal to the Federal Executive Council. This proposal, developed in collaboration with the National Universities Commission, focuses on guidelines for implementing transnational education in Nigeria. The initiative aims to allow foreign degree-awarding institutions to establish a presence in the country, hire local talent, admit local students, and alleviate the strain on existing higher education institutions. The move aligns with Nigeria’s commitment to the World Trade Organization and the General Agreement on Trade in Services, facilitating exportable education services across borders.
