FG Postpones Launch of Nigerian Students Loan Scheme Indefinitely

The eagerly anticipated launch of the Nigerian Students Loan Scheme has been postponed indefinitely by the Federal Government.

Akintunde Sawyer, the Executive Secretary of the Nigerian Education Loan Fund (NELFUND), revealed this in an interview with ARISE NEWS.

Originally scheduled to commence on Thursday, the loan scheme has been delayed once more due to ongoing corrections being made around its launch, as explained by Sawyer.

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“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,” Sawyer stated.

President Bola Tinubu signed the bill into law in June 2023, establishing the Students Loan Fund (SLF) aimed at providing interest-free loans to Nigerians seeking higher education. Sponsored by Femi Gbajabiamila, the former Speaker of the House of Representatives, the bill was initially slated to kickstart between September and October 2023.

Despite the initial delay, President Tinubu had announced the scheme’s commencement by January 2024, after his government failed to meet the October deadline the previous year.

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In January, Yusuf Sununu, Minister of State for Education, confirmed during the Federal Executive Council (FEC) meeting that preparations were completed for the scheme to begin, including finalizing the Student Loan Scheme website and technical plans.

President Tinubu had assured leaders of the National Association of Nigerian Students (NANS) during their visit to the State House, Abuja, that the scheme would commence once its expansion to accommodate extra features, including vocational studies, was completed.

The indefinite postponement of the Nigerian Students Loan Scheme has left many hopeful beneficiaries disappointed, highlighting the challenges faced in implementing crucial initiatives aimed at enhancing access to education in the country.