FG plans to launch the student loan scheme in January 2024

According to the President’s Chief of Staff, Honourable Femi Gbajabiamila, preparations are in place for the Federal Government’s student loan programme to launch in January 2024, allowing Nigerian students to utilise the loans “to fund their educational aspirations.”

At the 35th convocation ceremony of Yaba College of Technology (YABATECH), he gave a lecture on Friday in Lagos with the theme “Empowering Nigerian Youths in the Present-Day Economy.”

According to Gbajabiamila, “applicants will apply online, be verified online, and be credited based on the verifiable documents and credentials they have submitted,” in order to streamline the process.

His Excellency, President Bola Ahmed Tinubu, signed the Students’ Loan (Access to Higher study) Act earlier this year, establishing the Education Loan Fund and a new legal framework to enable Nigerian students to receive interest-free loans for their study. under order to enable Nigerian students to finance their academic goals, efforts are under progress to guarantee that these loans would be available by January 2024.

“The student loan application system is being developed with the intention of eliminating any communication channels between the loan administrators and the recipients. Applications will be submitted online, confirmed online, and credited to applicants based on the qualifications and verifiable papers they have submitted. For someone to be eligible for these loans, they won’t need to know anyone else, making financing really accessible to everybody.

A portion of the topic of how to pay for a high-quality public postsecondary education is addressed by the student loan system, but not all of it. When discussing the future of higher education in Nigeria, it is important to take into account all available options for meeting public tertiary institutions’ financial demands outside of government subsidies.

“Thus, we are unable to ignore the obvious fact that postsecondary education is expensive for the foreseeable future. Among other reasons, the world’s top universities are able to raise substantial quantities of money from fees, investments, and other sources.

“The simple truth is that we need more resources than we currently have to address the dangerous decline in the quality of scholarship and academic output and the graduates we produce from many of our institutions if we want our institutions to compete favourably.”

In a perfect world, he said, everyone would have basic access to education from elementary school through postsecondary education. And our educational facilities will be grand citadels of creativity and research that welcome everyone, no matter how much money, who wishes to learn. Nevertheless, the world is not ideal. In the actual world, knowledge is a valuable resource, with high-quality education being even more so. Thus, the fundamental problem in public policy is the tension between the opposing goals of quality and access. How do we pay for a high-quality postsecondary education without putting individuals in a position where they cannot afford to attend one?

“A programme of aggressive and ongoing investment in education is needed. In order to support innovation and information exchange, technology hardware and software are just as important as the actual infrastructure of lecture halls and classrooms.

Nothing has altered more dramatically in this new world we live in than the nature of labour and the methods by which we gauge productivity. Many of the talents that earlier generations relied on to secure a job and a good wage are now obsolete due to technological advancements.

This generation will face competition not only from other members of their own generation but also from students across the globe, a global marketplace, and technological advancements such as blockchain, artificial intelligence (AI), and financial technology that are gradually taking the place of human labour in the workplace. We have to be mindful of these facts as we prepare them.

We must gain a fresh perspective on how work is evolving and what the future holds for employment if we are to accomplish this successfully. Our limited understanding makes it difficult for us to meet the demands of this new era and adjust to the unavoidably changing circumstances. Working together, our universities and the organised private sector can accomplish the critical engagement, research, and review needed to close the knowledge gaps. This is a critical first step towards bringing these challenges to the attention of the country so that we can all work together to meet the demands of the day. We cannot leave the government’s pursuit of this goal to them alone for the sake of our future.

Dr. Ibraheem Abdul, the college’s rector, stated that the college’s numerous programmes have centred on empowering young people.

In addition, Dr. Abdul stated, “The management established the Industry Advisory Committee to enhance her dynamic role of producing technical manpower for the economic and social development of Nigeria, to show how committed we are to the empowerment of our youths.”

He claims that the college has been at the forefront of youth empowerment, technical advancement, and manpower development.

The school’s efforts to empower young people include the Students Work and Study Scheme, the YCT Industry Alliance Group (YIAG) Programme, the Quadruple Helix Collaboration Scheme for Youth Empowerment, and the creation of a centre for technology marketing and product development, as the rector noted.

The college’s Academic Board carefully considered this when choosing the lecture subject, “Empowering Nigerian Youths in the Present Day Economy.” With the numerous opportunities and problems that come with a fast changing global economy, this topic is extremely relevant to our country. Giving our children the information, abilities, and tools they need to succeed in our changing economic environments and become productive members of society is essential.

“No one else can handle this matter better than the chief engineer in charge of the engine room that powers and arranges all national development and activity. Our beloved president and Commander-in-Chief of the Armed Forces, His Excellency Asiwaju Bola Ahmed Tinubu, has been actively and practically involved in youth empowerment for a number of years, and he is fully aware of the principles and goals of the Renewed Hope Agenda. We will be having the honour of having a renowned speaker share his knowledge and experiences in this area. The speaker expressed his hope that the speech will not only motivate the graduates but also instill a strong desire in them to follow their aspirations, conquer challenges, and make a significant contribution to the advancement of our country.