FG Postpones Launch of Student’s Loan Indefinitely

The Federal Government has indefinitely postponed the launch of the Nigerian Students Loan Scheme, as revealed by Akintunde Sawyer, the Executive Secretary of the Nigerian Education Loan Fund, during an interview on Tuesday.

President Bola Tinubu signed a bill in June 2023 to establish a Students Loan Fund aimed at providing interest-free loans to Nigerians pursuing higher education. The bill was proposed by former Speaker of the House of Representatives, Femi Gbajabiamila.

Originally slated to commence between September and October 2023, the launch of the loan scheme was delayed, with Tinubu announcing a new start date in January 2024.

In preparation for the program, the Minister of State for Education, Yusuf Sununu, stated in January that all necessary arrangements had been completed, including the development of the scheme’s website and the planning of its implementation.

Tinubu also indicated to the leaders of the National Association of Nigerian Students that additional features, such as vocational studies, would be incorporated into the program before its launch.

However, just 48 hours prior to the scheduled launch, Sawyer announced the postponement of the loan scheme, citing the need for corrections and adjustments to be made before its official introduction.

“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,” he said.