President Bola Tinubu has announced that the Student Loan Scheme he approved on June 12, 2023, will go live in January 2024. He also pledged that academic staff unions’ strikes in tertiary institutions will become a thing of the past. This announcement was made during the 29th session of the annual Nigeria Economic Summit in Abuja.
Tinubu emphasized the importance of a sustainable credit scheme, which would support an effective anti-corruption campaign and provide consumer credit to citizens. He highlighted the need for financial programs such as mortgage schemes for homeownership and car loans to reduce the reliance on cash payments, making it easier for citizens to participate in anti-corruption efforts.
The President’s statement comes after he approved a partial waiver of the “No Work, No Pay” Order for striking members of the Academic Staff Union of Universities (ASUU). This eight-month strike began on February 14, 2022, and ended on October 17, 2022. The waiver allows previously striking ASUU members to receive four months of salary accruals out of the eight months withheld during the strike.
The introduction of the Student Loan Scheme and other financial initiatives reflects the government’s efforts to improve education and reduce industrial action in tertiary institutions, as well as to support the economic well-being of the citizens.