President Bola Tinubu has announced that a consumer credit scheme will come into effect very soon.
The President announced this while speaking at the 29th edition of the annual Nigerian Economic Summit organized by the Nigerian Economic Summit Group (NESG), in Abuja on Monday.
“I thank my team and my colleagues for building this programme. We cannot talk about anti-corruption when you have to look for cash to buy a car, when there’s no mortgage for homeownership,” he said.
Tinubu stressed on the need to immediately initiate a sustainable credit scheme, which, according to him, will aid an effective anti-corruption campaign.
On the new Students Loan Programme of the Federal Government, the President promised that it will take off in January 2024.
He assured that the era of industrial actions in the nation’s academic environment has come to an end.
Tinubu said, “By January 2024, the new Students Loan Programme must commence. For the future of our children and students, we’re saying no more strikes.”
The president had on June 12 signed the Students Loan (Access to Higher Education) Bill into law.
The legislation gives Nigerian students the opportunity to have access to loans at interest-free rates.
The student loan bill was sponsored by Femi Gbajabiamila, the immediate-past speaker of the house of representatives who is now chief of staff to the president.
The legislation provides for the establishment of the Nigerian Education Loan Fund, which will have the power to administer, supervise, coordinate, and monitor the management of student loans in the country.
Based on the provisions of the legislation, the fund is expected to receive and screen applications for student loans through higher institutions on behalf of the applicants.
Two days after the president signed the bill into law, David Adejo, permanent secretary at the ministry of education, announced that the government was working on the modalities for disbursement.