The Federal Government has successfully disbursed ₦32.8 billion in student loans, benefiting over 192,000 students across Nigeria. This was announced by the Minister of Information and National Orientation, Mohammed Idris, during a ministerial briefing in Abuja on Tuesday.
According to Idris, the disbursement is part of the government's ongoing commitment to making higher education more accessible and affordable. Out of 371,000 applicants, 192,000 students from 150 tertiary institutions have so far received the funds.
The student loan initiative, championed by President Bola Tinubu's administration, aims to ease the financial burden on students and their families. It enables students to focus on their studies without the worry of tuition fees and other academic expenses.
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The minister emphasized that the loan scheme prioritizes students from low-income backgrounds, ensuring that financial constraints do not hinder access to quality education. He further stated that repayment will commence once beneficiaries graduate and secure employment.
To ensure transparency and accountability, the Ministry of Education, in collaboration with financial institutions, has implemented a robust monitoring system to track loan utilization. Additionally, the government plans to expand the scheme in the coming years, allowing more students to benefit as applications continue.
This initiative is part of the Federal Government's broader strategy to reform the education sector, enhance learning opportunities, and empower Nigerian youths to be globally competitive.
