“Federal Government Postpones Launch of Students Loan Scheme Indefinitely”

“The Launch of Nigerian Students Loan Scheme Postponed Indefinitely by Federal Government”

The anticipated launch of the Nigerian Students Loan Scheme by the Federal Government has been postponed indefinitely. This decision was revealed by the Executive Secretary of the Nigerian Education Loan Fund, Akintunde Sawyer, during an interview with Arise News on Tuesday.

Originally set to commence on Thursday, the loan scheme has faced another delay. Sawyer cited the need for corrections before the launch as the reason for the postponement.

He stated, “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.”

In June 2023, President Bola Tinubu signed a bill to establish the Students Loan Fund, aimed at providing interest-free loans for higher education to Nigerians. The bill, sponsored by Femi Gbajabiamila, the former Speaker of the House of Representatives, was initially planned to commence between September and October 2023.

However, due to delays, President Tinubu announced that the scheme would begin in January 2024. In January, the Minister of State for Education, Yusuf Sununu, announced that preparations for the program had been completed. This included the development of the Student Loan Scheme website and planning for the program’s commencement.

During a visit by the leaders of the National Association of Nigerian Students (NANS) to the State House in Abuja, President Tinubu assured them that the program would start once its expansion to include additional features, such as vocational studies, was finalized.