FG Postpones Launch Of Nigerian Students Loan Scheme Indefinitely

Abuja, Nigeria– The eagerly anticipated launch of the Nigerian Students Loan Scheme, aimed at providing financial assistance to tertiary education students across the nation, has been postponed indefinitely by the Federal Government.

The scheme, set to commence this month, was poised to alleviate the financial burden countless students pursuing higher education faced.

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

Recalled in June 2023, President Bola Tinubu signed a bill to establish a Student Loan Fund aimed at providing interest-free loans to Nigerians pursuing higher education.

A former Speaker of the House of Representatives, Femi Gbajabiamila, proposed the bill, which was scheduled to commence between September and October 2023.

Meanwhile, Tinubu stated that the program would commence in January 2024, following the missed October deadline.

In January, the Minister of State for Education, Yusuf Sununu, announced during a meeting that preparations for the program were complete. This involved the creation of the Student Loan Scheme website and the formulation of plans for initiating the program.

Also, Tinubu told leaders of the National Association of Nigerian Students that the programme would start once they added more features, like vocational studies.

However, barely 48 hours before the launch, Sawyer stated that the loan scheme was postponed due to some adjustments being made prior to the launch.

“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.