The launch of the Nigerian Students Loan Scheme by the Federal Government has been indefinitely postponed. Akintunde Sawyer, the Executive Secretary of the Nigerian Education Loan Fund, disclosed this during an interview with ARISE NEWS on Tuesday.
President Bola Tinubu had signed a bill in June 2023 to establish a Students Loan Fund, aimed at providing interest-free loans for higher education to Nigerians. The bill, initially proposed by former Speaker of the House of Representatives, Femi Gbajabiamila, was scheduled to commence between September and October 2023.
Despite missing the October deadline, Tinubu had announced in January 2024 that the program would begin. Minister of State for Education, Yusuf Sununu, stated earlier this year that preparations for the program were complete, including the development of the Student Loan Scheme website and program commencement plans.
However, just 48 hours before the scheduled launch, Sawyer revealed that the loan scheme was postponed due to ongoing corrections needed for the launch process.
Sawyer mentioned, “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.”
