Federal Government postpones the launch of student loans indefinitely

The Federal Government has decided to postpone the Nigerian Students Loan Scheme’s introduction indefinitely.

In an interview with ARISE NEWS on Tuesday, Akintunde Sawyer, the Executive Secretary of the Nigerian Education Loan Fund, disclosed this information.

President Bola Tinubu signed a law in June 2023 to establish a Students Loan Fund, which would provide interest-free loans to Nigerians for postsecondary education.

The measure was sponsored by Femi Gbajabiamila, a former Speaker of the House of Representatives, and it was scheduled to begin in September or October of 2023.

While this was going on, Tinubu announced that the program would start in January 2024, having missed the October deadline.

Yusuf Sununu, the state minister of education, declared during a meeting in January that the program’s preparations were complete. This involved organizing the launch of the program and creating the website for the Student Loan Scheme.

Additionally, Tinubu informed National Association of Nigerian Students officials that the program would begin as soon as additional components, such as vocational studies, were introduced.

However, Sawyer stated that the loan program was delayed because of some adjustments being made about the launch, just 48 hours before it was scheduled to launch.

I’m afraid I won’t be able to commit to a particular date. To make sure that no one is taken by surprise, we are sort of waiting to make sure that all the stakeholders agree before we truly implement this in a meaningful, thorough, healthful, and sustainable manner," he stated.