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Tinubu Kickstarts Student Loan Disbursement

Published

5 months ago

Jul 17, 2024.

Akande Ismail Abiola

President Bola Tinubu-led Federal Government has on Thursday commenced the student loan disbursement.

Eko Hot Blog reports that this development follows a mild amendment to the Student Loan Scheme.

The President inaugurated a presidential committee to drive the Scheme at the State House, Abuja.

To kick start the programme, the President had recently approved ₦35 billion to be disbursed through specific criteria by the Nigerian Education Loan Fund, NELFund, targeting 70,000 initial applicants.

Jim Ovia who was appointed by Tinubu to Chair the Governing Board of NELFund had approved the disbursement of loans to successful applicants during its inaugural meeting in Abuja last month.

At the inauguration currently taking place in the Villa, Tinubu is expected to give the implementation team terms of reference to ensure the scheme does not derail from its mandate.

Tinubu Seeks Senate Approval To Add ₦6.2trillion To 2024 Budget

Meanwhile, President Bola Tinubu, has forwarded a letter to the Senate, seeking their approval to add ₦6.2trillion to the ₦27.5trillion 2024 budget.

President Bola Tinubu addressing the Senate

The President’s request was contained in a letter read during plenary on Wednesday by Senate President Godswill Akpabio.

Details of the letter show President Tinubu seeks Senate approval for the withdrawal of ₦3.2 trillion from the Consolidated Revenue Fund, for capital expenditure.

The President, in the second leg of the request as contained in the letter, seeks approval for the withdrawal of another ₦3 trillion from the consolidated revenue fund for additional recurrent expenditure for the year ending on the 31st day of December , 2024.

He also requested in the letter, an Act to amend the Finance Act, 2023, to impose and charge windfall tax on banks and to provide for the administration of the tax and matters related thereto.

This news medium gathered that the President’s requests have already been listed on the Order Paper as Executive bills for consideration by the Senate.

The President’s letter to the Senate partly reads: “Pursuant to section 58 (2) of the constitution of the Federal Republic of Nigeria as amended, I forward herewith the above-named bills for consideration and passage by the senate.

“The appropriation act amendment bill seeks to amend the principal act to provide the sum of N3,200,000,000,000 for Renewed Hope Infrastructure Projects and other critical infrastructure projects to be undertaken across the country and the sum of N3,000,000,000,000 to meet further recurrent expenditure requirements necessary for the proper operation of the federal government.

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