TINUBU’S GOVERNMENT EARMARKS N100 BILLION FOR CNG VEHICLES, N60 BILLION FOR STUDENT LOANS
The federal government has allocated approximately N100 billion as energy transition fund to provide compressed natural gas (CNG) vehicles to Nigerians, along with N60 billion for the student loan program, which has been postponed.
Senator Atiku Bagudu, the Minister of Budget and Economic Planning, made this announcement during a press briefing in Abuja on Thursday, providing clarifications on the implementation of the 2024 appropriation act.
He mentioned, “There was a provision of N10 billion in the supplementary budget. Currently, we have N60 billion for the student loan in the two budgets.”
The minister asserted the belief that students should have an additional option.
He also disclosed that N100 billion has been allocated to the agriculture sector to attract additional funding for the growth of the mortgage industry.
In addition to the agricultural fund, the minister noted that the N100 billion for consumer credit will aid in revitalizing the manufacturing sector, which faces significant challenges.
He stressed, “Our economy can benefit if many people can pay for goods and services over time, similar to global practice. This will assist our manufacturing sector.
“The consumer credit is a valuable tool to provide access to goods and services to many Nigerians.
“It has not been implemented. The money has not been withdrawn; the fund is a catalytic fund and is expected to grow.”
Recall that following the removal of fuel subsidy in June, the federal government promised to facilitate the transition to CNG-powered vehicles as an affordable alternative.
However, the planned rollout of the vehicles has been delayed, keeping transport costs high for many Nigerians.
Also, over the past year, federal tertiary institutions across the country have significantly increased tuition fees. In line with his campaign promise to provide student loans, President Tinubu signed the Access to Education Act in June, commonly known as the Student Loan Act.
Like other programs, the implementation of the student loan act has been slow. Recently, the senate repealed the act and introduced a new bill.
Tobi Adetunji; From the News Source: Techeconomy
