The Federal Government has successfully disbursed a total of N32.8 billion in student loans, benefiting over 192,000 students across Nigeria. This was disclosed by the Minister of Information and National Orientation, Mohammed Idris, during a ministerial briefing in Abuja on Tuesday.
Idris revealed that the disbursement is part of the government’s ongoing efforts to make education more accessible and affordable for students in higher institutions. He further explained that a total of 371,000 students applied for the loan, and so far, 192,000 students from 150 tertiary institutions have accessed the funds.
The student loan initiative, which is part of President Bola Tinubu’s administration’s commitment to supporting education, aims to reduce the financial burden on students and their families, enabling them to focus more on their studies without the worry of tuition and other school fees.
Idris highlighted that the loan is designed to be accessible to all eligible students, especially those from low-income backgrounds, and is expected to be repaid once the students graduate and secure employment. The minister also stated that the loans are part of the broader National Education Support Program, which seeks to improve the quality of education and provide more opportunities for young Nigerians.
To ensure proper management, the Ministry of Education, in collaboration with financial institutions, has put in place a robust mechanism for loan monitoring, ensuring that funds are used for the intended purposes. Additionally, the loan scheme is expected to expand in the coming years, with plans for more students to benefit as the application process continues.
This initiative is part of the federal government’s broader efforts to reform the education sector and empower Nigerian youths to become more competitive in the global job market.
