FG Postpones Nigerian Students Loan Scheme Launch Indefinitely

The Federal Government has announced the indefinite postponement of the launch of the Nigerian Students Loan Scheme, which was initially scheduled to take place on Thursday.

Akintunde Sawyer, the Executive Secretary of the Nigerian Education Loan Fund (NELFUND), stated that the decision was made to allow for corrections and ensure that all stakeholders are aligned before the official launch.

President Bola Tinubu signed the bill to establish the Students Loan Fund (SLF) in June 2023, which aims to provide interest-free loans to Nigerians seeking higher education.

The bill, sponsored by Femi Gbajabiamila, the former Speaker of the House of Representatives, was initially planned to kickstart between September and October 2023.

However, the Government failed to meet the October deadline last year.

President Tinubu later announced that the scheme would begin by January 2024, after the Government completed preparations, including the finalisation of the Student Loan Scheme website and the conclusion of technical plans to facilitate the scheme’s kick-off.

During a visit to the State House in Abuja by the leaders of the National Association of Nigerian Students (NANS), President Tinubu assured them that the scheme would begin once its expansion to accommodate extra features, including vocational studies, was completed.

The postponement of the Nigerian Students Loan Scheme launch has raised concerns among students and stakeholders, who are eager to see the program implemented to support higher education in the country.

It remains to be seen when the Government will be able to launch the scheme and provide much-needed financial assistance to students pursuing higher education in Nigeria.