FG Budgets N160 Billion For Student Loan, Consumer Credit Scheme

The Federal Government has said a total of N160 billion was budgeted for the Consumer Credit Scheme and implementation of the Student Loan Scheme in the 2024 budget.

The Minister of Budget and Economic Planning, Atiku Bagudu, made the disclosure on Thursday at a press briefing in Abuja.

He said N100 billion was allocated to a consumer credit scheme to revive the manufacturing sector to provide goods and services to Nigerians and support the capacity of consumers, describing the scheme as a catalytic fund that is expected to grow.

Bagudu also announced that N50 billion and N10 billion have been budgeted in the signed budget and supplementary budget respectively for the student loan scheme.

“We believe that our students should have an additional option,” he said.

The minister said the government was still consulting with relevant stakeholders on the modalities for the implementation of the loan scheme.

He said the disbursement was yet to be done due to the nation’s sluggish procurement system that takes a minimum of 3 months to complete before implementation of the budget item.

Bagudu also believed that the economy would gain traction if many people could pay for goods and services over some time.