Tinubu finally reveals when student loan scheme will take off

• The President made the declaration in an address at the 29th edition of the annual Nigerian Economic Summit, anchored by the Nigerian Economic Summit Group (NESG), at the Transcorp Hilton, Abuja

President Bola Tinubu on Monday declared that the era of industrial actions in the nation’s academic environment has come to an end.

The President made the declaration in an address at the 29th edition of the annual Nigerian Economic Summit, anchored by the Nigerian Economic Summit Group (NESG), at the Transcorp Hilton, Abuja.

Tinubu also disclosed that his administration’s Students Loans Scheme will commence in January 2024.

“By January 2024, the new Students Loan Programme must commence. To the future of our children and students we’re saying no more strikes.

“There must be a Consumer Credit Scheme which will have to come to effect as soon as possible.

“We cannot talk about anti-corruption when you have to look for cash to buy a car, when there’s no mortgage for homeownership,” he said.

Meanwhile, the President has expressed confidence that by working closely with the private sector, financing the $3 trillion National Infrastructure Stock can be achieved in 10 years and not in 300 years.

This was as he allayed the business community’s concerns, assuring them that crucial plans are underway to improve foreign exchange liquidity.

Tinubu assured that his administration will honour every legitimate contract with respect to the nation’s foreign exchange obligations.

He spoke at the 29th Nigerian Economic Summit (NES) in Abuja, on Monday.

The President said the construction of megacities in every geopolitical zone of the size and scale of Lagos must not take six decades because it can be achieved in one decade.

He emphasized that a fully networked and connected Nigeria by rail, gas, fibre optics and road network can be constructed in less than 20 years with thriving Industrial Zones in every geopolitical zone of Nigeria before 2030.

“Consistent with our commitment to enshrining fairness and the rule of law in our country, this government will uphold the sanctity of every legitimate contract.

” Specifically, as it relates to the foreign exchange obligations of the government, all forward contracts that the government has entered into will be honoured and a framework has been put in place to ensure that these obligations are met in due course.

“My government is not blind to the challenges which several of you are facing in the financial markets. I can allay these concerns by revealing that we have a good line of sight into the additional foreign exchange liquidity that is required to restore market confidence,” Tinubu said.