Student Loan Scheme Begins January, Says Tinubu

President Bola Tinubu on Monday affirmed that the Student Loan Scheme he approved on June 12, 2023, would go live in January 2024.

He also promised that episodes of industrial action by academic staff unions of tertiary institutions would become a thing of the past.

“By January 2024, the new Students Loan Programme must commence. To the future of our children and students we’re saying no more strikes,” Tinubu said when he declared open the 29th session of the annual Nigeria Economic Summit at Transcorp Hilton, Abuja.

The NES is anchored by the non-profit think-tank, the Nigerian Economic Summit Group.

Tinubu who elaborated on his administration’s plans to stabilise the economy through the collaboration of all stakeholders, especially the private sector, also noted the need to immediately initiate a sustainable credit scheme.

He reasoned that such a scheme would aid an effective anti-corruption campaign

“There must be consumer credit, the scheme will have to come into effect as soon as possible.

“I thank my team and my colleagues for building this programme, develop it now.

“We cannot talk about anti-corruption when you have to look for cash to buy a car when there’s no mortgage for homeownership”, he said.

Tinubu’s comments come just 72 hours after he approved the partial waiver of the “No Work, No Pay” Order instituted against striking members of the Academic Staff Union of Universities following the commencement of their eight-month strike which began on February 14, 2022, and was terminated on October 17, 2022.

The waiver allows for the previously striking members of ASUU to receive four months of salary accruals out of the eight months of salary which was withheld during the eight-month industrial action undertaken by the union.