FG Postpones Launch of Student Loan Scheme Indefinitely

The Federal Government of Nigeria  has decided to postpone indefinitely the launch of the much-anticipated Student Loan Scheme originally scheduled for Thursday.

Akintunde Sawyer, the Executive Secretary of the Nigerian Education Loan Fund (NELFUND), disclosed this information during an interview with Arise News on Tuesday. Sawyer cited the need for corrections and alignment among stakeholders as the reasons behind the postponement.

While Sawyer refrained from providing a specific rescheduled date for the launch, he emphasized the government’s commitment to ensuring a comprehensive and sustainable rollout of the scheme. He highlighted President Bola Ahmed Tinubu’s dedication to the project and the administration’s determination to see it through.

The Access to Higher Education Act, 2023, signed into law by President Tinubu on June 12, 2023, marked a significant legislative stride towards providing interest-free loans to financially disadvantaged students in Nigerian tertiary institutions. The initiative aimed to fulfill one of Tinubu’s campaign promises to enhance educational funding accessibility.

Initially set to commence in September, the implementation of the Loan Scheme faced delays. Despite challenges, Tinubu reaffirmed his commitment, announcing a revised launch date of January 2024.

However, the presidency recently declared that the scheme would be officially introduced on Thursday, the 14th of March, only to be postponed indefinitely.