The Nigerian Students Loan Scheme, initially scheduled for launch on Thursday, has been postponed indefinitely by the Federal Government.
The Executive Secretary of the Nigerian Education Loan Fund (NELFUND), Akintunde Sawyer gave the revelation in an interview with ARISE NEWS.
According to Sawyer, the delay is due to necessary corrections being made before the official launch. He said: “Students loans will not be launched by President Bola Tinubu on Thursday, however, the loans will be focused on Public Tertiary Institutions. “Unfortunately, I won’t be able to commit to a specific date. We are sort of waiting to ensure that all the stakeholders are aligned to make sure that nobody is blindsided, then we can actually roll this out in a meaningful, comprehensive, wholesome and sustainable way.”
In June 2023, President Bola Tinubu signed the bill into law, establishing the Students Loan Fund (SLF) to provide interest-free loans for Nigerians pursuing higher education. Originally planned for a kickstart between September and October 2023, the scheme faced delays.
The President had announced that the scheme would commence in January 2024, following the Government’s failure to meet the previous year’s October deadline.
In January, Minister of State for Education, Yusuf Sununu, confirmed at the Federal Executive Council (FEC) meeting that preparations were complete for the scheme’s launch.
The preparations included finalizing the Student Loan Scheme website and technical plans to facilitate the kick-off.
During a visit by the leaders of the National Association of Nigerian Students (NANS) to the State House in Abuja, Tinubu assured them that the scheme would begin once its expansion, including vocational studies, was completed.
[12:39 PM, 3/13/2024] Chris Mario Ugbong: I am Not Afraid Of Death – Remi Tinubu
Nigeria’s First Lady, Remi Tinubu has replied to death threats issued by an individual in Bauchi State. Tinubu gave the reply when she visited the state on a one day working visit where she inaugurated educational projects.
She asserted on Tuesday that she did not fear death, given her age of over 60 years. The First Lady said:
“I want to thank the Bauchi State governor for assuring me that I am safe, but I want to say that I am too old to be afraid. “If God has granted me more than 60 years on earth, I shouldn’t be afraid of death. “I thank God that you encouraged me to come and I want to say that Nigeria belongs to all of us. This is the time for us to unite more than ever before.” Her statement came in response …
[2:59 PM, 3/13/2024] Chris Mario Ugbong: Tinubu Appoints Ex-Lagos State Commissioner, Dayo Mobereola As NIMASA New DG
President Bola Tinubu has approved Dr Dayo Mobereola’s appointment as the Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA) for a renewable term of four years. Mobereola’s appointment follows the exit of Mr Bashir Jamoh, whose tenure recently expired. Mobereola, a PH.D and an M Sc holder in Transport Economics from the University of Wales, United Kingdom (UK), is a fellow of the Chartered Institute of Transport in England and Nigeria. His extensive experience includes serving as the Managing Director of Lagos Metropolitan Area Transport Authority (LAMATA) from 2003 to 2015 and as the Commissioner for Transportation in Lagos State.
In the private…
[3:05 PM, 3/13/2024] Chris Mario Ugbong: Nigeria Lifts Sanctions On Niger Republic.
President Bola Tinubu has ordered the immediate opening of Nigeria’s land and air borders with the Republic of Niger. Tinubu’s directive was communicated through a statement signed by his Special Adviser on Media and Publicity, Ajuri Ngelale. He also ordered removal of other sanctions against the country. Part of the statement titled “Nigeria opens land and air borders with Republic of Niger, lifts other sanctions” “Suspension of all commercial and financial transactions between Nigeria and Niger, as well as a freeze of all service transactions, including utility services and electricity to the Niger Republic. “Freeze of assets of the Republic of Niger in ECOWAS Central Banks and freeze of assets of the Republic of Niger, state enterprises, and parastatals in commercial banks. “Suspension of Niger from all financial assistance and transactions with all financial institutions, particularly EBID and BOAD. “Travel bans on government officials and their family members.
[4:12 PM, 3/13/2024] Chris Mario Ugbong: Senate Grills Wike, FCT CP, over insecurity
March 13, 2024.
THE Minister of Federal Capital Territory (FCT) Nyesom Wike, and Police Commissioner Benneth Igwe are currently responding to inquiries from the National Assembly over the insecurity in Nigeria’s capital city.
The duo arrived at the National Assembly on Wednesday, March 13, in response to a Senate resolution for an interaction.
The Report gathered that the Senate had, on Wednesday, February 28, summoned Wike and the Commissioner of Police, Igwe, over the murder of Chris Agidy, an aide to Senator Ned Nwoko, by some kidnappers.
The Senate resolved that the FCT Minister and the police commissioner should appear to brief the Red Chamber on the increasing cases of kidnapping in the city.
The Senate’s decision stemmed from a motion put forward by Senator Nwoko regarding the abduction and murder of his senior legislative assistant, Agidy.
Meanwhile, during the Wednesday plenary, the Senate decided around 12:20 pm to postpone the first order of the day to another legislative session in order to convene a closed-door meeting with the two individuals in a Committee of the Whole.
Subsequently, the Deputy Senate Leader, Oyelola Ashiru, moved a motion to this effect, which the Minority Leader seconded.
They are also expected to brief the chamber on security modalities in the FCT to find a lasting solution.
Ashiru said, “The minister and the commissioner will brief us on the modalities of security in the FCT.”
The Media reports indicate that past and present administrations have made several promises to address insecurity within the FCT. However, many years later, abductions have persisted, and more residents are leaving their homes to escape attacks by bandits.
In December 2023, the FCTA named three area councils, Kuje, Abaji, and Bwari, as places with the highest records of kidnapping in the FCT.
Several kidnap cases were recorded within these areas during the festive period, including the mass abduction of about 23 residents of Dei-Dei, Bwari, and 12 others in Gbaupe, a rural community along Airport Road.
This incessant kidnapping has made many flee their homes, with some residents putting up their houses and properties for sale.
Similarly, in January 2024, Newsmen reported that over 380 persons were kidnapped between December 1, 2023, and January 3, 2024, across Nigeria under President Bola Tinubu.
According to data obtained by Media practitioners from the Armed Conflict Location & Event Data Project (ACLED), a data bureau collecting data on the locations, dates, actors, fatalities, and types of all reported political violence and protest events worldwide, those abducted include men, women, farmers, children, and students.
The victims were taken hostage at various events that happened during the last month of 2023 and the first week of the new year, illustrating the escalating number of kidnapping cases in the country.
[8:44 AM, 3/14/2024] Chris Mario Ugbong: Cement Price Hike: Nigeria House of Reps Summons Dangote, Bua, Others.
The House of Representatives has decided to investigate the rise of cement prices by summoning the major cement manufacturers in the country – Dangote Cement and BUA Cement. Their invitation became necessary after the price of cement increased abruptly in Nigeria, causing a lot of concern. The price of a 50kg bag of cement has increased to N10,000 in most parts of the country, which is twice the previous price of N5,000, in just the last three months. It will be recalled that the FG Summons Dangote, Bua, Others Over Rising Price of Cement Despite an agreement with the government to sell at a price range of N7,000 to N8,000 per bag in February, however cement manufacturers have continued to sell at the higher price.
The House has therefore asked the relevant committees to investigate and find out why the price has increased so much, especially since the cost of producing cement has not gone up greatly.
Furthermore, the House has called for the resumption of the National Social Investment Programme, which was suspended due to management scandals.
[9:38 AM, 3/14/2024] Chris Mario Ugbong: Cancer Patients: Reps-call-for-free Treatment In Nigeria.
The House of Representatives, on Wednesday, called upon the Federal Government to provide funding for the establishment of free cancer treatment centers across the country.
The motion, titled “The Need for Free Cancer Treatment in Nigeria,” was introduced by Mr Yusuf Badau, the representative for Shanono/Bagwai Federal Constituency in Kano State.
Badau stressed the urgency of addressing the devastating impact of cancer disease and the increasing number of affected individuals in Nigeria.
He highlighted that the lack of government intervention in cancer treatment has led to an alarming number of deaths.
Many affected persons struggle to meet the financial obligations of treatment due to limited r…
[12:23 PM, 3/14/2024] Chris Mario Ugbong: FGN Targets 1bn-in-international-loans-through-eurobonds
Federal government has announced its intention to issue a Eurobond, marking its return to the international bond market after its last issuance in March 2022. The move is part of a larger strategy to finance the budget deficit outlined in President Bola Tinubu’s N28.8 trillion ($18 billion) spending plan for 2024, which projects a fiscal shortfall of N9.8 trillion, or 3.8 percent of the GDP. According to reports, the government has engaged the services of leading global investment banks, including Citibank NA, JPMorgan Chase & Co, and Goldman Sachs Group Inc., along with Standard Chartered Bank and the Lagos-based Chapel Hill Denham, as advisors, to ensure the success of this initiative. The upcoming Eurobond issuance, expected to take place before June, is a great milestone for Africa’s largest oil-producing nation as it seeks to re-engage with global financial markets.
Sources explained that Nigeria could aim to secure up to $1 billion in international loans throughout 2024. The external financing is critical to the country’s management of its ambitious fiscal deficit, according to Minister of Finance and Coordinating Minister of the Economy, Wale Edun. The shortfall is expected to be covered through a mix of local and international borrowings, along with support from global financial institutions. Furthermore, the Federal Government has disclosed plans to borrow N450 billion from its third FGN bond auction of 2024. The borrowing represents a reduction from the N2.5 trillion target of the previous month. it was revealed that the auction will feature a new 3-year bond and the reopening of existing bonds, with the collective aim of financing the 2024 budget deficit. FG’s N450 billion borrowing target for March 2024 is set with the recent circular from the Debt Management Office (DMO) announcing the auction details, including the offer of three different bonds, each with an allocation of N150 billion. The decision to issue Eurobonds was influenced by the potential for lower interest rates and ongoing economic reforms.