The students loans scheme will be implemented starting from the 2023/2024 academic session, the Federal Ministry of Education has announced.
David Adejo, the Ministry’s Permanent Secretary, revealed this information during a meeting with the House of Representatives committee on students loans.
Adejo also dispelled rumours that the signing of the Students Loan Act had prompted several federal universities to increase their charges.
He highlighted that President Bola Tinubu had instructed the completion of essential preparations for implementing the students’ loan program, aiming to start in September 2023.
Adejo further stated that the president had established a coordinating committee, with the Chief of Staff serving as the chairman, adding that the committee comprises critical entities such as the Central Bank of Nigeria, the Federal Budget Office, the Ministry of Education, and the Ministry of Finance.
He noted that the committee has additionally established a technical team tasked with establishing a solid framework for initiating the program and addressing any legal obstacles that could hinder Nigerians’ access to the loan.
While saying the recent increase in charges by federal universities in the country was unfortunate, Adejo explained that no federal University in the country was allowed to collect tuition fees from students.
He said, “What they collect is charges to cover the cost of accommodation, ICT, and power, among others. It is the Governing Councils of the Universities that have the power to approve such charges for them.
“The only university that increased charges after the signing of the student loans act is the University of Lagos. They came to the Ministry with a proposal to Increase their charges because all Governing Councils were dissolved, and we gave them approval.
Immediately that was done, there was a resolution from the House stopping the increase of fees and the president also gave a directive stopping any increase in fees, and that is where it is, even though several others have brought their proposal.”
The permanent secretary further explained that they use the charges collected by the institutions to pay for some of their services, including electricity bills.
While justifying why the universities demand an increase in the charges they collect, he said that despite the charges, the universities have yet to meet up with some of their expenses.
