President Tinubu Unveils Student Loan Programme and Consumer Credit Scheme for 2024
By Patience Ikpeme
In a groundbreaking announcement, President Bola Ahmed Tinubu revealed yesterday that the highly anticipated student loan programme and consumer credit scheme will officially commence in January 2024. The President made this declaration during his speech at the 29th Nigeria Economic Summit Group (NESG) conference held in Abuja.
President Tinubu emphasized the government’s commitment to stimulating economic growth through these initiatives. Addressing the audience, he stated that government-owned tertiary institutions will no longer experience disruptive strikes, a long-standing issue that has plagued the education sector.
Acknowledging the short-term challenges faced by Nigerians due to ongoing reforms, President Tinubu assured citizens that the benefits of these programs would soon be experienced by all. He urged his team and colleagues to expedite the development of the consumer credit scheme, emphasizing the need to provide Nigerians with accessible financing options for important purchases such as cars and homes.
“We cannot talk about anti-corruption when you have to look for cash to buy a car, when there’s no mortgage for homeownership. Where do you expect a civil servant to have N3 million or N5 million for housing without corruption?” President Tinubu passionately stated.
The student loan programme aims to assist students in funding their education, offering lower interest rates and longer repayment periods compared to other loan types. Students can utilize the funds to cover tuition fees, textbooks, accommodation, and various college-related expenses.
These programs are designed to provide opportunities for students who may lack the financial means to pursue higher education. By investing in their education, students can enhance their future earning potential and contribute to the nation’s development.
However, borrowers are advised to fulfill their loan obligations promptly, as failure to do so can result in personal liability and have adverse effects on their credit score and overall financial wellbeing.
President Tinubu also pledged to expedite the construction of new and affordable homes, ensuring that citizens have access to decent housing. He expressed confidence that the pains experienced during these reforms will soon yield significant rewards for all Nigerians.
The President expressed hope that the NESG conference would generate further solutions to complement the aforementioned programs, fostering a brighter future for the country.
