The government has indefinitely delayed the initiation of the new loan initiative for Nigerian students, leaving the start date uncertain.
“The launch of the Nigerian Students Loan Scheme has been postponed indefinitely,” announced Akintunde Sawyer, the head of the Nigerian Education Loan Fund, on Tuesday.
This postponement comes after President Bola Tinubu signed legislation in June 2023 to establish a Student Loan Fund aimed at providing Nigerian students with interest-free loans for higher education. The bill, initially proposed by former Speaker of the House of Representatives Femi Gbajabiamila, was expected to be operational between September and October 2023.
However, the timeline shifted when President Tinubu mentioned in January 2024 that the program would commence after the original October deadline was missed. “The programme was slated to start in January 2024,” he had stated.
Further developments were shared by Yusuf Sununu, the Minister of State for Education, who in January claimed, “The preparations for the program are complete,” indicating that the infrastructure, including the Student Loan Scheme’s website and operational plan, was in place.
President Tinubu also assured the National Association of Nigerian Students’ leaders that the program’s commencement was imminent, promising the addition of vocational studies to the scheme.
Nonetheless, Sawyer revealed a last-minute hitch just two days before the anticipated launch, citing ongoing adjustments. “Due to some corrections that are being made around the launch, we have to postpone the loan scheme,” he explained.
He further elaborated on the uncertainty of the new launch date, “Unfortunately, I can’t commit to a specific date right now. We are waiting to ensure that all stakeholders are on the same page to avoid any surprises, and then we can roll this out in a meaningful, comprehensive, and sustainable manner.”
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