Tinubu’s Government Suspends Student Loan Indefinitely
Just 48 hours before its anticipated launch, the Bola Tinubu-led government has decided to postpone the introduction of the Nigerian Students Loan Scheme indefinitely.
Akintunde Sawyer, the Executive Secretary of the Nigerian Education Loan Fund (NELFUND), disclosed this during an interview with AriseTV on Tuesday.
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Originally scheduled to commence on Thursday, the loan program has once again been deferred due to ongoing adjustments being made prior to its launch, as explained by Sawyer.
Regrettably, I am unable to provide a specific date at this time. We are ensuring that all stakeholders are aligned to prevent any surprises, so that we can implement this in a meaningful, comprehensive, and sustainable manner.”
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In June 2023, President Tinubu signed a bill to establish a Students Loan Fund (SLF) aimed at providing interest-free loans to Nigerians pursuing higher education.
The bill, initially proposed by former Speaker of the House of Representatives, Femi Gbajabiamila, was initially slated to begin between September and October 2023.
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However, despite missing the October deadline, Tinubu announced that the program would commence in January 2024.
In January, Yusuf Sununu, Minister of State for Education, confirmed during a Federal Executive Council (FEC) meeting, while speaking to reporters, that preparations for the scheme’s launch had been finalized. This included the completion of the Student Loan Scheme website and technical plans to facilitate the program’s implementation.
President Tinubu assured leaders of the National Association of Nigerian Students (NANS) during their visit to the State House that the scheme would commence once its expansion to incorporate additional features, such as vocational studies, was completed.
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