Subsidy: Good News As FG Places Embargo on Tuition Fees, Reveals Date To Kick-Off Student Loan Scheme

Subsidy: Good News As FG Places Embargo on Tuition Fees, Reveals Date To Kick-Off Student Loan Scheme

  • The federal government of Nigeria has announced the date to roll out its student loan scheme to federal university undergraduates
  • This was confirmed on Tuesday, August 15, by the permanent secretary of the Ministry of Education, Mr David Adejo
  • Mr Adejo, speaking at the House of Representatives ad hoc committee on student loans, said federal universities are not allowed to charge tuition fees

FCT, Abuja - The federal government has issued a fresh directive to federal universities across the 36 states urging them not to charge students tuition fees.

As reported by Punch, this directive was made known by the permanent secretary of the Ministry of Education, Mr David Adejo, on Tuesday, August 15, at the House of Representatives ad hoc committee on student loans.

Tinubu, Student loan, FG, tuition fee
President Bola Ahmed Tinubu signed the Student Loan Bill into law on Democracy Day. Photo Credit: @OfficialABAT
Source: Twitter

He described the recent increase in charges across federal universities as unfortunate as he reeled out where the charges were being made.

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Mr Adejo said:

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“The only university that increased charges after the signing of the student loans act is the University of Lagos.
“They came to the Ministry with a proposal to increase their charges because all Governing Councils were dissolved and we gave them approval."
“Immediately that was done, there was a resolution from the House stopping the increase in fees and the President also gave a directive stopping any increase in fees and that is where it is, even though several others have brought their proposal.”

Meanwhile, Adejo revealed that the increased charges in federal universities were mainly meant to cover the increased cost of utility services like electricity bills.

FG reveals date to kick-off student loan scheme

He, however, cleared the air on the notion that the increased charges in universities were due to the approved Student Loan Act.

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Mr Adejo noted that amid the increased charges, some universities still struggle to meet some expenses.

He revealed that modalities have been set in motion to kick off the student load scheme for the 2023/2024 academic calendar.

Mr Adejo further revealed that President Bola Ahmed Tinubu had given the ministry a deadline to kick off the student loan scheme in September 2023.

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Meanwhile, President Tinubu has been commended for signing the student loan bill into law so Nigerian students can access interest-free loans to fund their education.

However, in an interview with Legit.ng, Biodun Oloyede, an author of several books.ng, expressed concerns about the sustainability of the initiative.

Oloyede said it would be difficult for students' beneficiaries to repay the loan because of the need for jobs in the country.

Source: Legit.ng

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