Student Loan: January Take-Off Plans Still Intact- Nigerian Government

 

The Nigerian government says January is a reality for the commencement of Student Loan Scheme with plans of timely access of students to the credit facility within 30 days.

Minister of State for Education, Yusuf Sununu disclosed this to State House Correspondents on Wednesday, after the Federal Executive Council presided over by President Bola Ahmed Tinubu at the Presidential Villa.

Sununu also made known that all is now set for the scheme to begin with the completion of the Student loan scheme website and conclusion on technical plans that would facilitate the kick off of the scheme.

The Minister also stated that “funds have been made available for the Student loan scheme in the nation’s 2024 budget and the Supplementary budget for 2023.

“January is a reality for the commencement of Student loan scheme in Nigeria, already the website is almost done. Application for beneficiaries will be online, criteria for students to get admission is that you must be a Nigerian and find yourself in a public school and application is also online which will be processed timely and you can access your loan within 30 days.”

“Funds have been set aside in the 2024 appropriation act so as also the supplementary budget for 2023,” the Minister stressed.

Transnational Education

The Nigerian government has also approved a new policy on transnational education in Nigeria.

Minister of State for Education, Yusuf Sununu disclosed this to State House Correspondents on Wednesday after the Federal Executive Council presided over by President Bola Ahmed Tinubu at the Presidential Villa.

Sununu said that “the council has adopted guidelines for implementing transnational education across borders.”

He said this would allow Nigerian institutions to collaborate with foreign institutions to offer education services within Nigeria.

Sununu further explained that as a member of the World Trade Organisation, Nigeria is signatory to the General Agreement on Trade in Services (GATS) which includes education as an exportable service.

He said the new policy aims to increase access to tertiary education in Nigeria given the large number of secondary school graduates seeking university admission annually.

The Minister said that transnational education would ease placement pressures and allow progressive exchange of ideas and research.

According to him, “this is expected to boost tertiary enrollment and minimize foreign exchange pressures of Nigerians studying overseas.”

Sununu stated that transnational education will attract foreign investment and funding to government institutions

He said; “Ours in the Federal Ministry of Education is a note to the council on the guidelines for the implementation of transnational education in Nigeria.

“Nigeria is a member of world trade organization since 1995. And also signatory to general agreement of trade in services which was signed in 1995.”

Sununu said; “The gaps are document included education as documentation that can be exportable services that can be done across borders .

“And we are all aware that the effort of Mr. President to increased access to education with greater number of graduate secondary school leavers who are seeking to be graduate or undergraduate in our tertiary institution.The Placement is becoming serious issues and therefore the ministry come up with a policy of transnational education.”

“What it means is that exchange of cross fertilisation of ideas exchange that progressive education can be done across borders.”

The documents, provide a guideline whereby a foreign institution can collaborate with local institution within the country, or can even come and establish a conference within the country without widely access of placement in Nigeria and also permit us to increase access in terms of widening the scope of research that is going to be conducted within the country.

“Based on this justification presented to the council, which has the policy document that was developed by a National universities Commission and the FME, the council graciously note the presentation of the document so that it can be implemented to increase access to tertiary education in Nigeria,”he added.

 

 

Mercy Chukwudiebere