ABUJA- The Federal Government has disbursed a staggering N32.8 billion in student loan. The announcement was made on Tuesday during a ministerial briefing in Abuja by the Minister of Information and National Orientation, Mohammed Idris.
According to Idris, the student loan scheme has already made a significant impact, with 192,000 beneficiaries out of 371,000 applicants drawing down funds. These students, hailing from 150 tertiary institutions across the country, are set to experience improved access to education, potentially easing the financial burdens that have long hindered many from pursuing higher learning.
The disbursement of N32.8 billion marks a major milestone in the government’s efforts to enhance educational opportunities for young Nigerians. This initiative is part of a broader strategy to empower students from low-income backgrounds and ensure that financial constraints do not impede academic progress. By injecting billions of naira into the student loan program, the government is aiming to foster a more inclusive educational system and equip Nigeria’s youth with the skills needed to drive national development.
At the ministerial briefing, Mohammed Idris emphasized the critical role of the student loan program. “We are committed to ensuring that our youths have the financial support they need to pursue their academic ambitions. This disbursement of N32.8 billion is not just a number—it represents the dreams of hundreds of thousands of students who can now access higher education without being held back by economic limitations.”
With 192,000 students benefiting from the disbursed funds, each recipient, on average, received roughly N170,000. While this amount may seem modest in isolation, its cumulative effect is profound—enabling students to cover essential expenses such as tuition fees, accommodation, and study materials. Moreover, the loan scheme is designed to be flexible, catering to a range of academic needs and encouraging responsible borrowing practices.
Read also: https://symfoninews.com/student-loan-fg-disburses-n2-5bn-institution-fees-to-12-schools/
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