President Tinubu budgeted N50 Billion for Students loan- Abayomi ODUNOWO.
The claim by the Labour presidential candidate that the president budgeted 5 billion for student loans while allocating 6 billion for legislators’ car pack is actually inaccurate. In fact, the budget details for 2024 reveal that President Bola Tinubu allocated a total of 50 billion for the Student Loan scheme, which is set to begin in January 2024. This significant amount shows a strong commitment to addressing the financial needs of Nigerian students and supporting their higher education aspirations.
Furthermore, the 2024 budget allocated a total of N330 billion (or 23%) for capital projects within the education sector, demonstrating a dedication to improving and modernizing educational infrastructure across the country. The remaining N1.54 trillion was also allocated to the education sector, highlighting a substantial investment in education and its future.
It’s important to note that this allocation for student loans represents a significant improvement compared to the N1.08 trillion the education ministry received in the 2023 budget. The increase in funding for the student loan scheme indicates a recognition of the financial challenges students face and a commitment to supporting their academic pursuits.
In response to the budget details, the National Association of Nigerian Students (NANS) expressed appreciation for the inclusion of the student loan in the budget. However, they also noted that the 8.8% allocation to education is still relatively low compared to the immediate needs of the student community. This suggests that while the allocation for student loans is a positive step, there is a continued need for increased funding and support for education in Nigeria.
When evaluating the accuracy of the claim made by the Labour presidential candidate, it is clear that the information presented is incorrect. The budget details for 2024 clearly show a significant allocation for student loans, indicating a strong commitment to supporting students in their academic endeavors. Additionally, the substantial investment in capital projects and the overall education sector underscores the government’s dedication to improving education in Nigeria.
It is essential to approach information and claims with a critical mindset, verifying the accuracy of statements before accepting them as fact. In this case, the assertion made by the Labour presidential candidate was not supported by the budget details and therefore cannot be taken as accurate.
In conclusion, the erroneous claim by the Labour presidential candidate that the president allocated 5 billion for student loans while budgeting 6 billion for legislators’ car pack is clearly inaccurate. The budget details for 2024 reveal a significant allocation of 50 billion for the Student Loan scheme, as well as substantial funding for capital projects and the education sector as a whole. This demonstrates a genuine commitment to improving education in Nigeria and supporting the needs of students. It is crucial to approach information critically, verify claims, and seek accurate sources before accepting statements as truth.
Otunba Abdulfalil Abayomi ODUNOWO
National Chairman AATSG
9th January, 2024.
