Tinubu’s Student Loan Scheme Launch Postponed, Presidency Reaffirms Commitment

The Nigerian Presidency has reaffirmed President Bola Tinubu’s commitment to the student loan scheme, despite the postponement of its launch.

Special Adviser to the President on Information and Strategy, Bayo Onanuga, stated that final touches are being made to the flagship program, with a new launch date to be announced soon.

The student loan scheme, which was initially scheduled to launch on Thursday, was postponed indefinitely on Tuesday.

However, Onanuga assured that the program remains a priority for President Tinubu and his administration.

The Access to Higher Education Act, 2023, also known as the Students Loan Law, was signed into law by President Tinubu on June 12, 2023.

This legislation aims to provide access to interest-free loans for indigent students pursuing higher education in any Nigerian tertiary institution.

The Act also established the Nigerian Education Loan Fund, which will be responsible for handling all loan requests, grants, disbursement, and recovery.

The student loan bill was sponsored by Femi Gbajabiamila, the immediate-past speaker of the House of Representatives and now Chief of Staff to the President.

The Nigerian Education Loan Fund, as outlined in the legislation, will have the power to administer, supervise, coordinate, and monitor the management of student loans in the country.

Under the provisions of the legislation, the Fund will receive and screen applications for student loans through higher institutions on behalf of the applicants.

This initiative is expected to provide much-needed support to students in need, enabling them to pursue higher education and contribute to the development of the nation.

As the Nigerian government continues to work on the student loan scheme, it remains committed to ensuring that the program is effective and sustainable.

Once launched, the initiative is expected to have a significant impact on the accessibility of higher education in Nigeria, ultimately benefiting the country’s youth and future development.