President Bola Ahmed Tinubu says he has ordered the release of an additional N50billion for student loan scheme.
Tinubu disclosed this in a nationwide broadcast to Nigerians on Sunday morning.
The president was addressing Nigerians following a nationwide protest staged by some youths in the country.
The protesters are demanding the return of fuel subsidy and reversal of other policies of the administration which they claimed are anti-masses.
While calling on the protesters to suspend the protest, the president described his administration as youth-friendly as it has initiated programs such as the student loan scheme to support the youth population.
He added that N45.6billion has already been processed for payment to students and their respective institutions, adding that he had also ordered additional funding of the scheme.
“Our administration has shown its commitment to the youth by setting up the student loan scheme. To date, 45.6billion Naira has already been processed for payment to students and their respective institutions,” the president said while calling on the youth to take advantage of the scheme.
“I encourage more of our vibrant youth population to take advantage of this opportunity. We established the Consumer Credit Corporation with over N200billion to help Nigerians to acquire essential products without the need for immediate cash payments, making life easier for millions of households. This will consequently reduce corruption and eliminate cash and opaque transactions. This week, I ordered the release of an additional N50billion Naira each for NELFUND – the student loan, and Credit Corporation from the proceeds of crime recovered by the EFCC.”
