The postponement of the launch of the Student Loan Scheme, initially scheduled for March 14, was elucidated by the Presidency on Wednesday. It was clarified that the delay was necessitated to add finishing touches to the program.
The Presidency reiterated President Bola Tinubu’s unwavering commitment to the scheme, emphasizing its crucial role in ensuring that financially disadvantaged students can pursue their education without interruptions.
Akintunde Sawyer, the Executive Secretary of the Nigerian Education Loan Fund, had earlier announced the indefinite postponement of the scheme during an interview with ARISE News.
Addressing State House correspondents after the Federal Executive Council meeting presided over by President Tinubu, the Special Adviser to the President on Information and Strategy, Mr. Bayo Onanuga, affirmed that efforts are underway to ensure a successful launch of the scheme, which he described as a flagship initiative of the President.
Assuring the public, Onanuga stated, “There’ll be a new date to launch the student loan scheme, it’s not forgotten. There are some things that need to be rearranged so that it can be launched properly.” He emphasized President Tinubu’s dedication to expediting the process.
Additionally, Minister of Information and National Orientation, Mohammed Idris, highlighted the broader context of social security and consumer credit initiatives introduced by the President, reinforcing the government’s commitment to enhancing access to education for underprivileged families.
The Access to Higher Education Act, 2023, signed into law by President Tinubu on June 12, 2023, paved the way for interest-free loans for indigent students in Nigerian tertiary institutions.
Sponsored by Femi Gbajabiamila, the legislation established the Nigerian Education Loan Fund to oversee loan requests, grants, disbursement, and recovery processes. This legislation empowers the fund to manage student loans nationwide, ensuring equitable access to educational financing.