FG Postpones Launch of Nigerian Students Loan Scheme Indefinitely

By: Emmanuel Ibitoye

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

Originally scheduled to commence on Thursday, the loan scheme has been delayed once again. Sawyer cited the need for corrections before the launch, emphasizing the importance of ensuring alignment among stakeholders.

President Bola Tinubu signed a bill in June 2023 to establish the Students Loan Fund, aimed at providing interest-free loans for higher education. Sponsored by former Speaker of the House of Representatives, Femi Gbajabiamila, the program was initially set to begin between September and October 2023.

However, President Tinubu announced a delay to January 2024 after missing the October deadline. In January, Minister of State for Education, Yusuf Sununu, announced the completion of preparations, including the development of a website for the Student Loan Scheme.

President Tinubu assured leaders of the National Association of Nigerian Students (NANS) during a visit to the State House in Abuja that the program would commence once additional features, such as vocational studies, were incorporated.