Federal Government of Nigeria has postponed the launch of the Student Loan Scheme indefinitely.
Gatekeepers News reports that the scheme was postponed barely 48 hours before its launch.
Akintunde Sawyer, the Executive Secretary of the Nigerian Education Loan Fund (NELFUND), announced the development on Tuesday during an interview with Arise News.
“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.
“One thing that I will commit to is that this is a well-intended project. The president, President Bola Ahmed Tinubu means well around this and absolutely wants this rolled out as fast as possible, and we’re working very hard to help realise that,” Sawyer said.
Gatekeepers News reports that President Bola Tinubu had on June 12, 2023, signed into law the Access to Higher Education Act, 2023, marking a significant step forward in the provision of interest-free loans for underprivileged students in Nigerian tertiary institutions.
Tinubu’s minister, Dele Alake, who was a member of the then Presidential Strategy Team, said the move was made in fulfilment of one of Tinubu’s campaign promises to liberalize funding for education.
The Loan Scheme was initially scheduled to start between September and October 2023, but the implementation was delayed.
Tinubu thereafter assured that the program would be launched in January 2024, after missing the first deadline.
Again, the presidency announced that the scheme would be introduced on Thursday, the 14th of March, which has now been postponed.
