An inter-ministerial committee approved by President Bola Tinubu will be meeting next Tuesday to work out modalities for the disbursement of the student loan by September 2023 for the 2023/2024 academic session.
It was earlier reported that the President signed the student loan bill, which seeks to provide interest-free loans to indigent Nigerian students in tertiary institutions, into law on Monday.
Speaking at a press conference on Wednesday, Andrew Adejo, the permanent secretary for the Federal Ministry of Education, said the committee, made up of ministries and agencies, was constituted to see to the fruition of the loan scheme.
Adejo said, “The President has approved the constitution of an inter-ministerial committee on student loans made up of the necessary ministries and agencies. The inaugural meeting will come up on Tuesday, June 20, 2023.
“The President has also directed that by September/October, the 2023/2024 academic session, he wants to see the recipients of the loan. So it’s a serious business. Between now and then, we have to fine-tune the processes.”
He explained that the loan is for students in both private and public institutions, adding that the loans will be recouped only after the recipients are gainfully employed.
“We don’t want to make it that only people who want to go to public schools will benefit from it, private schools are paying tuition so you have to give them the opportunity,” Adejo said.
“The loan purpose is for the beneficiary to finish an education programme. The recovery doesn’t start until you get employed. The committee has been given specific terms of reference.”
- Senate Uncovers a $300 Billion Hole in Nigeria’s Oil Accounts - November 6, 2025
- New Bill Imposes 14-Year Jail Term for Lecturers Who Sexually Harass Students - November 6, 2025
- Court Gives Nnamdi Kanu Until 7 November to Open Defence in Terrorism Trial - November 6, 2025