The Federal Government on Wednesday said that the January commencement of the student loan scheme with plans for the timely access of students to the credit facility within 30 days is still intact.
Minister of State for Education, Yusuf Sununu, disclosed this while briefing State House correspondents after the Federal Executive Council, FEC, meeting presided over by President Bola Tinubu at the Council Chamber, Presidential Villa, Abuja.
Sununu also said that all is now set for the scheme to begin with the completion of the student loan scheme website and a conclusion on technical plans that would facilitate the kick-off of the scheme.
The Minister said the funds have been made available for the student loan scheme in the nation’s 2024 budget and the supplementary budget for 2023.
According to him, “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, as also the supplementary budget for 2023.”
He said that the government has approved a new policy on transnational education in Nigeria.
Sununu said that the council has adopted guidelines for implementing transnational education across borders.
He said this will allow Nigerian institutions to collaborate with foreign institutions to offer education services within Nigeria.
The Minister further explained that as a member of the World Trade Organization, Nigeria is signatory to the General Agreement on Trade in Services (GATS) which includes education as an exportable service.
He said the new policy is aimed at increasing access to tertiary education in Nigeria given the large number of secondary school graduates seeking university admission annually.
The Minister added that transnational education will ease placement pressures and allow progressive exchange of ideas and research.
He explained that it is expected to boost tertiary enrollment and minimize foreign exchange pressures for Nigerians studying overseas.
Sununu said that transnational education will attract foreign investment and funding for government institutions.