FG Permanently Postpones Student Loans

The Nigerian Students Loan Scheme's introduction has been indefinitely delayed by the Federal Government.

In an interview with ARISE NEWS, Akintunde Sawyer, the Executive Secretary of the Nigerian Education Loan Fund (NELFUND), made this claim.

According to Sawyer, the loan, which was officially scheduled to launch on Thursday, has been rescheduled due to some launch-related corrections.

“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.”

The bill to create the Students Loan Fund (SLF) and offer interest-free loans to Nigerians pursuing higher education was signed into law by President Bola Tinubu in June 2023.

The former Speaker of the House of Representatives Femi Gbajabiamila is the bill's sponsor. Originally, the bill was scheduled to begin in September or October of 2023.

Following his government's failure to meet the October deadline last year, President Tinubu declared that the scheme would commence in January 2024.

Speaking to reporters during the Federal Executive Council (FEC) meeting in January, Yusuf Sununu, the Minister of State for Education, confirmed that all necessary arrangements had been made for the scheme to launch, including the completion of technical plans to enable the website for the Student Loan Scheme.

The National Association of Nigerian Students (NANS) leaders paid President Tinubu a visit at the State House in Abuja, and he gave them an assurance that the program would start as soon as it was expanded to include additional features, such as vocational studies.