Operation “School No Be Scam”
The government wants more people to go to school and the bill is on them… kinda
Good morning, Big Brains. Not to sound all political, but I think it’s time to start having more eco-conscious conversations. I know I’ve not clocked the right age to ask this but does Greta Thurnberg have two heads? And if you’re wondering what I’m rambling about, I’m sure you’ll catch up when you’re done reading the newsletter.
- Margaret
Word count: ~1100
Reading time ~4 mins
Let’s get into today’s edition:
Student Loan Scheme Begins Friday with 1.2 Million Beneficiaries
Lagos Plans to Cut Internet Costs with 2,700km Fibre Installation
Labour Minister Says CNG Initiative To Create 25,000 Job
India Closes Schools Due to High Temperatures
The Big Deal
Student Loan Scheme Begins Friday with 1.2 Million Beneficiaries
After putting interested Nigerians through the heartbreak of cancelled plans and postponed launch dates, the federal government has finally given the go-ahead for the student loan scheme to start on Friday.
How it started
In June 2023, President Bola Tinubu signed a Students Loan Fund bill into law. The federal government set up this fund to assist the Nigeria Education Loan Fund in giving loans to Nigerian students who qualify. These loans help cover their tuition, fees, living expenses, and other costs while studying at approved tertiary institutions and vocational schools in Nigeria. The loan programme was supposed to become accessible to Nigerians between September and October 2023. But the timeline passed and nothing happened.
President Tinubu later announced it would begin in January 2024, and the Minister of State for Education, Yusuf Sununu, confirmed that preparations for the launch were complete, including the Student Loan Scheme website and starting plans. But just 48 hours before the launch date, the scheme was postponed again due to “some issues” that were never disclosed.
How it’s going
To the surprise of Nigerians who gave up hope and the relief of Nigerians who have been anticipating — the student loan scheme is finally going to take off on Friday with 1.2 million beneficiaries across Nigerian federal tertiary institutions, according to the Managing Director of the Nigeria Education Loan Fund, Akintunde Sawyerr.
Who has access to the student loan?
According to Sawyerr, the student loans will be rolled out in phases. The first phase is only accessible to federal universities, polytechnics, colleges of education, and technical colleges. Starting on Friday, Nigerians in federal institutions can start applying for loans.
Why is this a big deal?
In Nigeria, low unemployment rate, low consumer spending and purchasing power are not buzzwords; they are real life issues that affect real people in Nigeria. This loan could make education more accessible to Nigerians who cannot afford it immediately because of these issues.
When President Tinubu signed the student loan bill into law, he said no Nigerian, regardless of their background, would be excluded from obtaining quality education under his administration. The loan is expected to cover 100% of tuition fees for students and monthly allowance disbursed directly to the student’s account for upkeep.
Sawyerr also mentioned that loan repayment is expected to start two years after beneficiaries complete the National Youth Service Corp (NYSC) programme, giving them enough time to pay back. He added that in cases where people cannot afford to pay back two years after NYSC, their employer will be charged with paying back through salary deductions whenever they get a job. However, delayed repayment will not result in criminal charges or embarrassment.
Lagos Plans to Cut Internet Costs with 2,700km Fibre Installation
Lagos residents, we’ve got news that might fuel your main character syndrome. If everything goes well, Nigerians living in Lagos will start paying cheaper prices for data subscription compared to the rest of the country.
The Lagos State Ministry of Innovation, Science, and Technology (LAMIST) announced that they've finished the first phase of a project that will significantly reduce the cost of internet connectivity. Mr. Olatunbosun Alake, the LAMIST Commissioner, said the ministry has installed 2700 kilometres of fibre duct throughout the state. He also stated, "We'll use the duct to reduce internet costs in the state."
What does this solve?
There are 122 million active internet users in Nigeria. On average, each user spend 6.2% of their income on data subscriptions. Internet users in other African countries like Egypt and South Africa spend 3.8% and 1.9% of their income on data subscriptions respectively, which is notably lower than what Nigerians spend.
With rising living expenses, lowering data costs will ease the burden for Nigerians, allowing them to allocate funds saved from subsidised data costs towards necessities like food.
Labour Minister Says CNG Initiative To Create 25,000 Job
25,000 Nigerians are about to get paid and busy because of President Tinubu’s Compressed Natural Gas (CNG) initiative.
The Federal Ministry of Labour and Employment has announced that the CNG initiative will positively change the lives of 25,000 Nigerian auto technicians by training and upskilling them.
The Minister of Labour and Employment, Nkeiruka Onyejeocha, added that the presidency is open to collaborating with the Ministry. The Ministry will utilise data to ensure that every job and skill contributes to Nigerians' empowerment and progress. They will also employ proper metrics to track the initiative's job creation progress until the 25,000 technician target is achieved.
Nigeria's unemployment rate rose significantly in the third quarter of 2023. If the initiative successfully reaches its 25,000-person target, it could help lessen the country's increasing unemployment rate.
India Closes Schools Due to High Temperatures
Yesterday, we reported that President Tinubu has started making more eco-conscious decisions to tackle the impact of climate change in Nigeria. India is also taking similar actions. Indian authorities in the country’s capital have closed schools early for the summer holiday due to an intense heatwave, with temperatures soaring to 47.4 degrees Celsius (117 degrees Fahrenheit). Delhi city officials ordered this measure after the heat became unbearable, according to a government notice cited by the Hindustan Times yesterday. The school term has been cut short by a few days to protect students from the extreme temperatures.
Experts have also raised concerns about the potential risks of heatstroke, saying that it can cause severe damage to the brain and heart. With Pakistan also expected to face some of the hottest weather conditions in the coming days, it would be smart for leaders in every country to pay more attention to the changing climate.
This Week’s Big Question
“Can you still afford the things you could comfortably afford last year?”
Chioma’s response - “For me, affording is not the main issue. What really irks me is the fact that the prices of most items are doubling every three market days. The supermarket beside my house has ditched price tags because the prices are always changing”.
You can also share your response here and if it’s as interesting as Chioma’s response, we’ll feature it in the next edition.
The Big Picks
OPay, Moniepoint, Others To Resume Onboarding New Customers ‘In Months’ – CBN: The Central Bank of Nigeria (CBN) announced that fintech firms such as OPay, Palmpay, Kuda Bank, and Moniepoint, will resume enrolling new customers "in a couple of months."
The US-Made Helicopter In Iran President’s Crash: The helicopter involved in the crash that killed Iranian President Ebrahim Raisi was a US-made Bell 212. This model was introduced during the Vietnam War in 1968 and was last produced in 1998.
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