How Nigerian Students Can Benefit from the New Online Loan Scheme
The Nigerian government has launched a new online loan scheme for students who want to pursue higher education in the country.
The scheme, which is expected to start in January 2024, aims to provide financial assistance to students who cannot afford to pay their tuition fees.
The scheme is designed to be transparent and fair, with no human interference between the loan administrators and the beneficiaries.
According to Femi Gbajabiamila, the Chief of Staff to President Bola Tinubu, applicants will only need to apply online, submit their verifiable documents and credentials, and receive the loan amount directly into their bank accounts.
Gbajabiamila, who spoke at the 35th convocation ceremony of Yaba College of Technology (YABATECH) in Lagos on Friday, said that the scheme will be open to all eligible Nigerian students, regardless of their background or connections.
He said, “Nobody will need to know anybody to qualify for these loans so that access to this financing will be genuinely egalitarian.”
The online loan scheme is part of the government’s efforts to improve the quality and accessibility of education in Nigeria.
President Tinubu, who signed the Student Loan Bill into law recently, said that he was committed to ensuring that no student would drop out of tertiary institutions due to financial constraints.
He also said that his administration would provide adequate resources to educational institutions to enable them to perform their duties effectively.
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