The Federal Government has indefinitely postponed the commencement of the Nigerian Students Loan Scheme, a decision communicated by the Executive Secretary of the Nigerian Education Loan Fund, Akintunde Sawyer, during an interview with ARISE NEWS on Tuesday.
Initially, the scheme was introduced by President Bola Tinubu in June 2023, following the signing of a bill to establish a Students Loan Fund aimed at providing interest-free loans to Nigerians pursuing higher education.
The proposal for this bill was put forward by Femi Gbajabiamila, a former Speaker of the House of Representatives, with expectations to kickstart the initiative between September and October 2023.
However, the timeline was adjusted, with President Tinubu announcing a new start date of January 2024 after the initial deadline was missed.
Preparations for the program were reported to be complete in January, as stated by the Minister of State for Education, Yusuf Sununu, during a meeting.
These preparations included the creation of a website for the Student Loan Scheme and finalizing plans for the program’s implementation. Additionally, President Tinubu had discussions with leaders of the National Association of Nigerian Students, promising the program’s launch upon the integration of additional features, such as vocational studies options.
Despite the preparations and the anticipation building up towards the launch, Sawyer announced a last-minute postponement of the scheme, citing ongoing corrections related to the launch as the reason for the delay.
He expressed his inability to provide a specific date for the resumption of the initiative, emphasizing the need for alignment among all stakeholders to ensure a seamless, comprehensive, and sustainable rollout of the program.
