Nigeria’s President Tinubu Urges Youths to Take Advantage of Student Loan Scheme

In a recent national broadcast, Nigerian President Bola Tinubu has appealed to the country’s vibrant youth population to take advantage of the student loan scheme introduced by his administration. The initiative, which became law on April 3, 2024, as the Student Loans (Access to Higher Education) Act, aims to empower Nigerian youths by providing fair, transparent funding and removing financial barriers to educational opportunities.

To date, N45.6 billion has already been processed for payment to students and their respective institutions. The President emphasized his administration’s commitment to the youth, stating that education is the greatest weapon against poverty in any society. He also highlighted the importance of inclusiveness, saying that democracy is all about building a society on successful inclusiveness.

As of May 25, when the application portal opened, 164,000 students had registered, with 103,000 applying for loans. About N32 billion is currently available for disbursement to kickstart the programme. The President had previously presented cheques to students from each of Nigeria’s six geo-political zones, further emphasizing his administration’s dedication to supporting the country’s youth.

The Student Loan Scheme is seen as a key tool in fighting poverty, with the President having stated on July 17, during the inauguration of the scheme, that it would play a vital role in addressing poverty. The programme aims to provide fair and transparent funding, allowing students to pursue their educational goals without the burden of financial constraints.

President Tinubu’s appeal to the youth is clear: "I encourage more of our vibrant youth population to take advantage of this opportunity." With the programme already making progress, it remains to be seen how many students will benefit from the scheme and take the first step towards securing their future.