No new date in sight as FG postpones Student Loan launch indefinitely

The loan, previously set to kick off on Thursday, has been deferred due to ongoing adjustments surrounding the launch.

The Federal Government announced the indefinite postponement of the Nigerian Students Loan Scheme, just 48 hours before its scheduled launch.

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

According to Sawyer, the loan, previously set to kick off on Thursday, has been deferred due to ongoing adjustments surrounding 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.”

OrderPaper recalls that President Bola Tinubu signed the bill into law in June 2023, aimed at establishing a Students Loan Fund (SLF) 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 intended to commence between September and October 2023.

President Tinubu had announced that the scheme would begin by January 2024 after missing the October 2023 deadline.

During the Federal Executive Council (FEC) meeting in January, Yusuf Sununu, Minister of State for Education, assured reporters that all preparations had been finalized for the scheme’s commencement. This included the completion of the Student Loan Scheme website and the conclusion of technical plans to facilitate its launch.

In a meeting with the leaders of the National Association of Nigerian Students (NANS) at the State House in Abuja, President Tinubu reiterated his commitment to the scheme, stating that it would begin once expanded to include additional features such as vocational studies.