Tinubu to inaugurate Student loan scheme on Thursday

Oluwasegun SanusiMarch 11, 20241 Mins read913

President Bola Tinubu is poised to inaugurate the National Student Loan Programme on Thursday, March 14, 2024. This was made known by the Special Adviser to the President on Media and Publicity, Mr. Ajuri Ngelale, during TVC’s Politics on Sunday program.

Ngelale underscored the significance of this initiative, stating, “This is a major form of obligation reduction for Nigerians, families, and young people at a time when Nigerians are feeling the pinch. We believe this is the way to go.”

Recall that the groundwork for the program was laid when President Tinubu signed the Access to Higher Education Act, 2023, on June 12, 2023. This act provides interest-free loans to needy students pursuing tertiary education in Nigerian institutions.

However, the program’s implementation has faced delays, with initial plans for September and January failing to materialise. President Tinubu’s 2024 budget included a proposed allocation of N50 billion for the scheme’s launch.

Dr. Akintunde Sawyerr, the Executive Secretary of the Nigeria Education Loan Fund (NELFUND), had confirmed that the program was scheduled to commence on February 21 but did not materialise.

The launch was reportedly postponed to accommodate the President’s directive to extend loans to students interested in skill-development programs, expanding the scheme’s scope beyond traditional academia.

Sawyerr explained the delay, stating, “The delay in take-off enabled the agency to put all necessary measures in place as the scheme is entirely technologically driven.”