The Federal Government has indefinitely postponed the launch of the Nigerian Students Loan Scheme, according to Akintunde Sawyer, the Executive Secretary of the Nigerian Education Loan Fund (NELFUND). Sawyer disclosed this in an interview with ARISE NEWS, which was monitored by BusinessDay.
The launch of the loan scheme, originally scheduled for Thursday, has been deferred due to ongoing corrections being made around the launch process, as explained by Sawyer. He stated, “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 initiative, aimed at providing interest-free loans to Nigerians seeking higher education, was established through a bill signed into law by President Bola Tinubu in June 2023. The bill, sponsored by Femi Gbajabiamila, the former Speaker of the House of Representatives, was initially planned to commence between September and October 2023. However, due to delays, President Tinubu announced that the scheme would begin by January 2024 after missing the October deadline last year.
The postponement of the Nigerian Students Loan Scheme launch underscores the challenges encountered in implementing the initiative and highlights the importance of ensuring alignment among stakeholders for a successful rollout. As efforts continue to address the necessary corrections, the government remains committed to establishing a comprehensive and sustainable loan scheme to support Nigerian students pursuing higher education.
