FG sets aside Student Loan Scheme launch indefinitely

The Federal Government of Nigeria has indefinitely postponed the launch of the Nigerian Students Loan Scheme. Akintunde Sawyer, the Executive Secretary of the Nigerian Education Loan Fund (NELFUND), revealed this in an interview with AriseNews on Tuesday.

As reported earlier, the loan scheme was to launch on Thursday but has faced yet another delay, citing corrections being made around its launch, as explained by Sawyer. 

“Student loans will not be launched by President Bola Tinubu on Thursday,” he stated.

However, he emphasised that the loan would primarily focus on Public Tertiary Institutions.

Sawyer expressed regret over the inability to provide a specific launch date, citing the need for alignment among stakeholders to ensure a comprehensive and sustainable rollout. He stressed the importance of avoiding any blindsiding situations before proceeding with the launch.

The journey of the Students Loan Scheme has seen its share of delays and rescheduling. Recall that President Bola Tinubu signed the bill into law in June 2023 and noted that it is a significant step towards establishing a Students Loan Fund (SLF) to provide interest-free loans to Nigerian students pursuing higher education.

The indefinite postponement announced today makes it the fourth time the government has rescheduled the launch of the scheme for one reason or another.

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