News

Tinubu Announces Commencement Date For Students Loan

Published

3 years ago

June 14, 2023

Editor

The Federal Government, Wednesday, said it had begun putting all necessary measures in place to ensure students loan begin between September and October 2023.

The Permanent Secretary, Federal Ministry of Education, Andrew David Adejo, who revealed this while speaking to newsmen in Abuja, said already, President Bola Tinubu has approved a committee made up of ministries and agencies to see to the realization of the Students Loan Bill he recently assented to

Recall that the Tinubu had last week, signed into law the Student Loan Bill in fulfilment of a promise he made during his campaign.

The Students Loan Bill, sponsored by the Speaker of the 9th House of Representatives, Femi Gbajabiamila, provides for interest-free loans to indigent Nigerian students.

The law is to provide easy access to higher education for indigent Nigerians through interest-free loans from the Nigerian Education Loan Fund, the Permanent Secretary said.

Adejo said “The bill is to make sure that every Nigerian has access to higher education through what we called the Higher Education Nigerian Bank.

“Learning from past mistakes, the bank is not going to be the type that will sit down and be collecting application loans, it will also perform normal banking functions and make sure loans are given because we had cases of loan recovery in the past.

“The Act as it is tells us the process, but as I speak with you today, the president has approved the committee made up of the Ministries and agencies and their meeting will be coming up 20th of June.

“The president has also directed that by September to October of this 2023/2024 academic session, he wants to see recipients of these loans. So it is a very serious march for us so between now and then we have to phantom the process for people to get the loan,” he added.

The Permanent Secretary further said the government will create a specialised bank for the operation of the loans, noting that there will be a tracking system for the efficient running of the loans scheme.

He also said it will cover both students in private and public schools, adding that the government will create a new bank for it, Vanguard reports.

“We are not going to use existing banks. We are going to create a new bank that will address this because we can’t use an existing bank.

“We don’t want to make it that only people who want to go to public schools will benefit from, private schools are paying tuition so you have to give them the opportunity.

“The loan is for you to get an education programme and get employed then you start paying back. The loan recovery does not start until you get employed.

While commending President Tinubu as a job creator he said, “Our current president today is a job creator from his experience from the private sector and he has given us policy direction and job creation is one of the things he is going to do, even though you cannot create a job for everybody.”

According to him, as of June 12, only three people have seen the Act, which is the president, the current Chief of Staff and himself.

“What you have seen is the bill. The president has assented to the bill, let us wait to see the Act and you get the Act when it is transmitted to the Ministry of Justice to produce a gazette,” he said.

News

Xenophobic Attacks: Nigerian Students To Picket MTN, MultiChoice, Other Businesses

Published

3 minutes ago

May 6, 2026

Editor

The leadership of the National Association of Nigerian Students, NANS South-West Zone D, has announced plans to picket South African companies in Nigeria following the ongoing xenophobic attacks in the country.

DAILY POST reports that some Nigerians were recently killed in South Africa over the violent attacks.

A statement issued to newsmen by Comrade Adeyemo Josiah Kayode, Coordinator, NANS South-West, Zone D, said that the association is mobilizing to take decisive and lawful action by organizing peaceful picketing and mass advocacy against South African business interests operating in Nigeria.

“We categorically state that the continued targeting of Nigerians under any guise is unacceptable and must come to an immediate end.

“This will include major corporations such as MTN Group and MultiChoice Group. It is morally indefensible for businesses to thrive in an environment where the lives of Nigerians are protected, while Nigerians are subjected to fear and violence elsewhere.

“This contradiction will no longer be tolerated,” the statement said.

News

N5m, N10m Zero-interest Loans: SheVentures Opens Applications For Women Entrepreneurs

Published

2 hours ago

May 6, 2026

Editor

First City Monument Bank (FCMB) has opened a new round of applications for its SheVentures proposition, offering zero-interest loans of up to ₦10 million to women entrepreneurs to ease access to working capital and support business growth.

The facility provides loans ranging from ₦500,000 to ₦5 million under a general category, and ₦5 million to ₦10 million for sector-specific businesses, with funding capped at up to 50% of an applicant’s average monthly turnover.

At the centre of the offering is a 0% interest rate, with all charges embedded in a transparent structure.

Repayment is structured over four or six months, allowing businesses to match obligations with their cash flow cycles.

Yemisi Edun, Managing Director and Chief Executive of First City Monument Bank (FCMB), said the initiative reflects a deliberate approach to inclusive growth.

“Inclusive growth requires access to capital and the right conditions for businesses to deploy that capital effectively.

“Women-led enterprises are critical to economic activity, yet they face structural barriers.

This intervention aims to help close that gap by providing financing that supports job creation, business expansion, and long-term sustainability for women entrepreneurs.”

“Access to affordable finance remains a major constraint for women entrepreneurs,” said Nnenna Jacob-Ogogo, Group Head, SheVentures and Impact Segments at First City Monument Bank (FCMB).

“By removing the cost barrier and offering quick, flexible funding, this zero-interest loan is designed to safeguard existing jobs, enable businesses to invest in growth initiatives, and foster resilience in challenging economic conditions.”

Women-owned businesses account for a significant share of Nigeria’s small and medium-sized enterprises but continue to face high borrowing costs and limited access to credit.

Through these efforts, SheVentures tackles persistent financing gaps facing women-led businesses, combining targeted funding with broader support to empower women entrepreneurs, encourage business innovation, and enhance their ability to compete on a national scale.

Applications for the zero-interest loan are now open.Apply now.

News

Xenophobic Attacks: Oshiomhole Tells FG To Retaliate Against South African Companies In Nigeria

Published

19 hours ago

May 5, 2026

Editor

Senator Adams Oshiomhole has called on the Federal Government to retaliate against South African businesses operating in Nigeria following the recent attacks on Nigerians in South Africa.

Speaking during plenary on Tuesday, Oshiomhole said the Federal Government should consider revoking the working license of South African owned companies such as MTN and DSTV.

He argued that Nigeria must respond firmly to what he described as persistent hostility against its citizens.

“I am not going to shed tears. If you hit me, I hit you. I think it is appropriate in diplomacy. It is an economic struggle,” Oshiomhole said.

He argued that while some South Africans accuse Nigerians of taking their jobs, Nigerians should return home and take over employment opportunities created by major South African companies operating in the country, including MTN and DSTV.

“When we hit back, the President of South Africa will not only talk but will also go on his knees to recognise that Nigeria cannot be intimidated.

“We will not condone any life being lost. If a crime has been committed under the South African law they have the right to bring any such person to justice, but to kill our people as if we are helpless, we will not allow that,” Oshiomhole added.

DAILY POST reports that several Nigerians in South Africa have reportedly been attacked, and their businesses destroyed, in ongoing xenophobic attacks in the country.