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Femi Gbajabiamila, Chief of Staff to President Bola Tinubu, stated that the Students' Loan Application system was created without an interface between the loan administrators and the recipients.
According to Gbajabiamila, preparations were being made to guarantee that the program would launch in January 2024 and that Nigerian students would be able to use the loan "to fund their educational aspirations."
At Yaba College of Technology's 35th convocation ceremony on Friday, he gave a lecture entitled "Empowering Nigerian Youths in the Present Day Economy" in Lagos.
"Applicants will apply online, be verified online, and credited based on the verifiable documents and credentials they submitted," according to Gbajabiamila, in order to streamline the process.
He said, “Nobody will need to know anybody to qualify for these loans so that access to this financing will be genuinely egalitarian.”
Tinubu recently ratified the Student Loan Bill. The President promised that no student would leave a postsecondary institution due to financial hardship when he or she signed the bill.
According to Tinubu, his administration will make sure that educational institutions have the resources they need to fulfill their mandates.
The Students Loan Bill, which was signed into law, is an interest-free loan, according to the Permanent Secretary.
When asked if the new law would not encourage school fee inflation, Presidential Media Team leader Alake responded that the two situations are unrelated and that the goal of the law is to assist underprivileged students in accessing education in the nation.
He said, “We are very happy to announce to you that today (Monday), just a few minutes ago, the President His Excellency, Bola Ahmed Tinubu, signed into law, the Student Loans Bill and that Student Loans Bill, you all know what it entails, what it connotes the meaning.
