FG Postpones Students Loan Scheme Indefinitely
The commencement of the Nigerian Students Loan Scheme has been put on hold indefinitely by the Federal Government.
The Executive Secretary of the Nigerian Education Loan Fund, Akintunde Sawyer, announced this development during an interview with Arise News on Tuesday.
It could be recalled that President Bola Tinubu’s administration initially planned to commence the student loan scheme on Thursday.
However, the loan has been delayed once more as Sawyer mentioned adjustments being made prior to the launch.
He said, “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.”
Recall that President Bola Tinubu signed a bill in June 2023 to establish a Students Loan Fund, which aims to provide interest-free loans to Nigerians pursuing higher education.
The bill, sponsored by Femi Gbajabiamila, the former Speaker of the House of Representatives, was initially planned to begin between September and October 2023.
However, due to delays, President Tinubu announced that the scheme would now commence in January 2024.
During a meeting in January, the Minister of State for Education, Yusuf Sununu, confirmed that all preparations for the program had been finalized, including the development of the Student Loan Scheme website and the necessary planning for its implementation. President Tinubu further assured the leaders of the National Association of Nigerian Students (NANS) during their visit to the State House in Abuja that the program would begin once additional features, such as vocational studies, were incorporated into it.
