President Bola Tinubu is scheduled to unveil the National Student Loan Scheme on Thursday, March 14, 2024, announced the President’s Special Adviser on Media and Publicity, Mr. Ajuri Ngelale. During his appearance on TVC’s “Politics on Sunday,” Ngelale emphasized the importance of the upcoming launch, stating, “Later this week, on Thursday, the President will launch the historic National Student Loan Programme.” He elaborated on the significance of the initiative, describing it as “a major form of obligation reduction for Nigerians and families and young people at a time when Nigerians are feeling the pinch.”
This step follows President Tinubu’s signing of the Access to Higher Education Act, 2023, into law on June 12, 2023, aimed at enabling indigent students to access interest-free loans for their education at any Nigerian tertiary institution. The act, also known as the Students Loan Law, brought into existence the Nigerian Education Loan Fund, tasked with handling “all loan requests, grants, disbursement, and recovery.”
Although initially planned to be operational by September and later postponed to January, the scheme’s start was further delayed. The President had earmarked N50bn for its launch in the 2024 budget. Dr. Akintunde Sawyerr, the Executive Secretary of the Nigeria Education Loan Fund, confirmed the scheme was set to go live in February. However, the launch was postponed to allow for the inclusion of students seeking loans for skill development, aligning with President Tinubu’s vision that “skill acquisition is as essential as obtaining undergraduate and graduate academic qualifications.”
The delay, according to the President’s Special Adviser on Information and Strategy, Mr. Bayo Onanuga, was because “the last time they met, the President asked them to go and expand their mandate to include those who want to learn vocational skills.” Dr. Sawyerr also mentioned, “The delay in take-off was basically to enable the agency to put all necessary measures in place as the scheme is entirely technologically driven.”
Amid these developments, members of the Nigerian community in West Yorkshire, UK, have advocated for the inclusion of students studying abroad in the student loan scheme. Tunmise Ajiboye, representing the community, expressed the collective stance, saying, “As a representative of Nigerians living here in the United Kingdom, we are gathered here not just as individuals seeking education and economic breakthroughs but as a collective voice demanding support and recognition from our government back home.”
The community’s demands extend beyond the loan scheme to include support with exchange rates and foreign exchange, along with broader issues like diaspora voting and international passport renewal services. Ajiboye emphasized the broader context of their requests, underscoring the community’s call for a comprehensive approach to supporting Nigerian students, both domestically and internationally.
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