BREAKING: Tinubu announces start date for Student Loan Scheme

President Bola Tinubu has officially announced that the Student Loan Scheme, which he approved on June 12, 2023, will be implemented in January 2024. He also pledged to eradicate recurring industrial action by academic staff unions in tertiary institutions.

During his speech at the opening of the 29th session of the annual Nigeria Economic Summit at Transcorp Hilton, Abuja, Tinubu emphasized the government’s commitment to the future of students and children, vowing an end to strikes.

The Nigeria Economic Summit is organized by the non-profit think-tank, the Nigerian Economic Summit Group.

Tinubu outlined his administration’s economic stabilization plans, underscoring the importance of collaboration among all stakeholders, particularly the private sector. He stressed the need to initiate a sustainable credit scheme to support an effective anti-corruption campaign.

He emphasized the urgency of a consumer credit scheme, stating that it should be put into action promptly. Tinubu acknowledged the efforts of his team and colleagues in developing this program, stressing that addressing issues like purchasing a car and homeownership is essential for a comprehensive anti-corruption strategy.

Notably, Tinubu’s statement comes shortly after he approved a partial waiver of the “No Work, No Pay” Order, which was imposed on striking members of the Academic Staff Union of Universities (ASUU). The strike began on February 14, 2022, and ended on October 17, 2022. The waiver allows previously striking ASUU members to receive four months’ worth of withheld salary accruals out of the eight months impacted by the industrial action.