Just 48 hours before the scheduled commencement of the highly anticipated launch of the Nigerian Students Loan Scheme, the Bola Tinubu-led government has indefinitely postponed the scheme.
Akintunde Sawyer, the Executive Secretary of the Nigerian Education Loan Fund (NELFUND), revealed this development in an interview with AriseTV on Tuesday, citing the need for corrections before the scheme’s rollout.
Sawyer stated, “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.”
Originally set to kick off on Thursday, the loan scheme has faced successive delays, despite Tinubu’s signing of a bill in June 2023 to establish the Students Loan Fund (SLF). Proposed by former Speaker of the House of Representatives, Femi Gbajabiamila, the SLF aimed to provide interest-free loans to Nigerians pursuing higher education, with initial plans indicating a start between September and October 2023.
However, the implementation timeline shifted, with Tinubu announcing the programme’s commencement for January 2024, after missing the October deadline.
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Minister of State for Education, Yusuf Sununu, confirmed in a Federal Executive Council (FEC) meeting in January that preparations were finalized, including the Student Loan Scheme website and technical arrangements.
Despite assurances from Tinubu to leaders of the National Association of Nigerian Students (NANS) during a visit to the State House, the scheme’s launch remains delayed as expansion plans to incorporate additional features, such as vocational studies, are still pending.
