Student Loan: Federal Government to develop app for scheme

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From Moshood Karim

The Nigerian federal government’s plan to create an app for student loan applications has been announced by Akintunde Sawyer, the Executive Secretary of the Student Loan Scheme Board. The initiative, which aims to ensure zero human intervention in the system, follows a meeting with President Bola Tinubu in Abuja. The new app is expected to launch this year, despite Tinubu’s earlier statement that the scheme would begin in January 2024.

The student loan bill was signed by Tinubu on Nigeria’s Democracy Day, fulfilling a campaign promise. The bill was supported by Femi Gbajabiamila, the Speaker of the 9th House of Representatives and currently Chief of Staff to the President. It gives indigent Nigerians easy access to higher education through interest-free loans from the Nigerian Education Loan Fund. The program’s funds will be held by the Ministry of Education and will only be available to impoverished tertiary students.

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Tinubu had earlier stated during the National Economic Summit 2023 in Abuja that the new student loan program must commence by January 2024, adding that the era of incessant strikes is gone. This new initiative is a significant step towards ensuring that Nigerian students have access to affordable higher education.

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