President Bola Tinubu Confirms January 2024 Start Date for Student Loan Scheme and Pledges to End Academic Staff Strikes
President Bola Tinubu has officially announced that the Student Loan Scheme, which he approved on June 12, 2023, will kick off in January 2024. In addition to this, he has made a commitment to resolve the recurring issue of strikes by academic staff unions in tertiary institutions.
Speaking during the opening of the 29th session of the annual Nigeria Economic Summit at Transcorp Hilton, Abuja, President Tinubu stated, ‘We are committed to launching the new Student Loan Programme in January 2024, ensuring a brighter future for our children and students while putting an end to academic staff strikes.’ The Nigeria Economic Summit is organized by the non-profit think-tank, the Nigerian Economic Summit Group.
Tinubu who elaborated on his administration’s plans to stabilise the economy through the collaboration of all stakeholders, especially the private sector, also noted the need to immediately initiate a sustainable credit scheme.
He reasoned that such a scheme would aid an effective anti-corruption campaign
“There must be consumer credit, the scheme will have to come into effect as soon as possible.
“I thank my team and my colleagues for building this programme, develop it now.
“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’s comments come just 72 hours after he approved the partial waiver of the “No Work, No Pay” Order instituted against striking members of the Academic Staff Union of Universities following the commencement of their eight-month strike which began on February 14, 2022, and was terminated on October 17, 2022.
The waiver allows for the previously striking members of ASUU to receive four months of salary accruals out of the eight months of salary which was withheld during the eight-month industrial action undertaken by the union.
