The Federal government of Nigeria has provided over 20,000 students at six of the nation’s universities with over ₦2 billion in student loans, a significant increase in the accessibility of higher education in the nation.
According to Economic Confidential, Bayero University Kano (BUK) benefited the most, receiving ₦853,775,000.00 in loans for 7,788 students, or 42% of the total amount disbursed.
Following closely behind, the University of Maiduguri (Unimaid) received ₦589,001,500.00 for 5,839 students, or 29% of the total.
Other universities that received significant loan amounts include the Federal University, Dutsin-Ma ₦304,961,800.00 for 3,540 students, the University of Ibadan ₦201,114,650.00 for 1,570 students, the University of Ilorin (₦52,897,890.00 for 902 students), and the University of Benin ₦24,412,500.00 for 432 students.
In total, the government disbursed ₦2,026,163,340.00 in student loans to 20,371 beneficiaries across these six institutions, providing much-needed financial support to help increase access to quality higher education.
The student loan initiative is part of President Bola Ahmed Tinubu’s great efforts to address the funding and affordability difficulties that have long prevented many Nigerians from pursuing higher education.
By reducing the financial burden on students and their families, the program hopes to provide more possibilities for young people to gain the skills and information required to fuel the country’s growth.
Economic Confidential further stated that the figures do not cover regular upkeep. The upkeep of the students is sent directly to their accounts.