FG Postpones Students Loan Indefinitely

The Nigerian Students Loan Scheme introduced by the government of President Bola Tinubu has been suspended indefinitely.

The disclosure was made by Akintunde Sawyer, the Executive Secretary of the Nigerian Education Loan Fund (NELFUND) during an interview with Arise News.

Sawyer revealed that the loan which was formally slated to take off on Thursday, March, 14,  was once again postponed due to corrections that are being made around the launch.

“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 roll this out in a meaningful, comprehensive, wholesome, and sustainable way.”

Recall that President Tinubu signed the bill into law in June 2023, to establish a Students Loan Fund (SLF) 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.

President Tinubu announced the scheme would begin by January 2024, after his Government failed to meet the October deadline last year.

In January, Yusuf Sununu, Minister of State for Education, confirmed at the Federal Executive Council (FEC) meeting, while speaking to reporters, that preparations were completed for the scheme to begin, including the finalisation of the student Loan Scheme website and the conclusion of technical plans to facilitate the scheme’s kick-off.