FG Postpones Launch of Student Loan Indefinitely

The Nigerian Students Loan Scheme, initially scheduled for launch on Thursday, has been indefinitely postponed by the Federal Government.

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

According to Sawyer, the delay is due to necessary corrections being made before the official launch.

He said:

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“Students loans will not be launched by President Bola Tinubu on Thursday, however, the loans will be focused on Public Tertiary Institutions.

“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.”

In June 2023, President Bola Tinubu signed the bill into law, establishing the Students Loan Fund (SLF) to provide interest-free loans for Nigerians pursuing higher education.

Originally planned for a kickstart between September and October 2023, the scheme faced delays.

The President had announced that the scheme would commence in January 2024, following the Government’s failure to meet the previous year’s October deadline.

In January, Minister of State for Education, Yusuf Sununu, confirmed at the Federal Executive Council (FEC) meeting that preparations were complete for the scheme’s launch.

The preparations included finalizing the Student Loan Scheme website and technical plans to facilitate the kick-off.

During a visit by the leaders of the National Association of Nigerian Students (NANS) to the State House in Abuja, Tinubu assured them that the scheme would begin once its expansion, including vocational studies, was completed.