The Federal Government has announced the indefinite postponement of the highly anticipated Nigerian Student Loan Scheme. The decision was disclosed by Akintunde Sawyer, the Executive Secretary of the Nigerian Education Loan Fund, during an interview with Arise News on Tuesday.
Sawyer explained, “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.”
The Student Loan Scheme, headed by former Speaker of the House of Representatives Femi Gbajabiamila, was signed into law by President Bola Tinubu in June 2023. It aimed to provide interest-free loans to Nigerians for higher education, initially slated for launch between September to October 2023.
However, after missing the October deadline, the launch was rescheduled to January 2024. During this period, preparations, including creating a dedicated website and planning for implementation, were reportedly completed, according to the Minister of State for Education, Yusuf Sununu.
President Tinubu had also assured leaders of the National Association of Nigerian Students (NANS) that the program would commence once additional features, such as vocational studies, were incorporated.