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Just 48 Hours Before Promised Launch, FG Suspends Student Loan Indefinitely

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The Bola Tinubu-led administration has decided to postpone the much awaited Nigerian Students Loan Scheme indefinitely, only 48 hours before it was supposed to begin.

In an interview with AriseTV on Tuesday, Akintunde Sawyer, the Executive Secretary of the Nigerian Education Loan Fund (NELFUND), disclosed this development, noting the necessity for adjustments prior to the program’s launch.

Sawyer stated, “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.”

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The loan programme was initially scheduled to begin on Thursday, but despite Tinubu signing a bill in June 2023 to create the Students Loan Fund (SLF), there have been multiple delays. With initial plans indicating a commencement between September and October 2023, the SLF was proposed by former Speaker of the House of Representatives Femi Gbajabiamila with the goal of offering interest-free loans to Nigerians seeking higher education.

But after missing the October deadline, Tinubu announced that the scheme would begin in January 2024, changing the implementation schedule.

Yusuf Sununu, the minister of state for education, stated that all preparations—including the technical arrangements and website for the Student Loan Scheme—had been completed during a January Federal Executive Council (FEC) meeting.

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Although Tinubu gave leaders of the National Association of Nigerian Students (NANS) guarantees during a visit to the State House, the introduction of the scheme is still postponed because plans to expand it to include other aspects, such vocational courses, have not yet been finalised.

 

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