President Bola Tinubu confirmed that the Student Loan Scheme, which he authorized on June 12, 2023, will commence in January 2024. He also assured that future occurrences of industrial action by academic staff unions in tertiary institutions would be eliminated.
Tinubu made this announcement during the opening of the 29th annual Nigeria Economic Summit at Transcorp Hilton, Abuja. The summit is organized by the non-profit think-tank, the Nigerian Economic Summit Group.
While discussing his administration's efforts to stabilize the economy through collaboration with all stakeholders, particularly the private sector, he emphasized the need to implement a sustainable credit scheme. He believed such a scheme would contribute to an effective anti-corruption campaign.
Tinubu further emphasized the urgency of introducing a consumer credit scheme, stating that it should be implemented without delay. He acknowledged the importance of addressing the lack of mortgage facilities for homeownership and how it relates to the broader fight against corruption.
Tinubu's statements came shortly after he granted a partial waiver of the "No Work, No Pay" Order that had been enforced against striking members of the Academic Staff Union of Universities. The strike, which lasted eight months from February 14, 2022, to October 17, 2022, had resulted in the withholding of eight months' worth of salaries. The waiver allowed the previously striking ASUU members to receive four months' worth of withheld salary accruals.
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