FG Postpones Students Loan Launch Indefinitely 

The launch of the Nigerian Student Loan Scheme by the Federal Government has been indefinitely postponed, as revealed by Akintunde Sawyer, the Executive Secretary of the Nigerian Education Loan Fund, in an interview with ARISE NEWS 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 for higher education.

The bill, proposed by former Speaker of the House of Representatives, Femi Gbajabiamila, was initially slated to commence between September and October 2023.

However, Tinubu later announced that the program would kick off in January 2024, after missing the October deadline.

In January, Minister of State for Education, Yusuf Sununu, confirmed that preparations for the program were complete, including the creation of the Student Loan Scheme website and strategizing for its implementation.

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Tinubu also informed leaders of the National Association of Nigerian Students that additional features, such as vocational studies, would be incorporated before the program’s launch.

Nevertheless, just 48 hours before the scheduled launch, Sawyer announced the postponement of the loan scheme. This delay was attributed to necessary corrections 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 roll this out in a meaningful, comprehensive, wholesome, and sustainable way,” he said.