The much-anticipated launch of the Nigerian Students Loan Scheme has been postponed indefinitely by the Federal Government, as confirmed by the Executive Secretary of the Nigerian Education Loan Fund, Akintunde Sawyer.
Sawyer disclosed this during an interview with Arise News on Tuesday.
The Nigerian Students Loan Scheme, aimed at providing interest-free loans to Nigerians for higher education and vocational skills development, was initially scheduled to commence between September and October 2023 after President Bola Tinubu signed a Bill into law in June 2023. The Bill, sponsored by the immediate-past Speaker of the House of Representatives, Femi Gbajabiamila, was intended to address the financial needs of students pursuing higher education.
However, the launch was postponed to January 2024, as announced by President Tinubu, after missing the October deadline.
In January, preparations for the programme were reported to have been concluded, with the Minister of State for Education, Yusuf Sununu, stating that the Student Loan Scheme website had been developed and plans were in place to commence the programme.
Despite these preparations, the launch was delayed once again, with President Tinubu informing leaders of the National Association of Nigerian Students (NANS) that additional features, such as vocational studies, needed to be incorporated before the programme could commence.
However, just 48 hours before the scheduled launch, Sawyer revealed that the loan scheme had been postponed due to necessary corrections being made around the launch process.
The indefinite postponement has left many students and stakeholders disappointed, as they had eagerly anticipated the benefits of the Student Loan Scheme in addressing the financial challenges faced by students pursuing higher education and vocational training in Nigeria.
