Tinubu postpones launch of Student Loan Scheme indefinitely

President Bola Tinubu has announced that the launch of the Student Loan Scheme has been postponed indefinitely.

This was made known by Akintunde Sawyer, the Executive Secretary of the Nigerian Education Loan Fund (NELFUND), in an interview with Arise News on Tuesday.

Sawyer stated that they had to postpone the launch because they’re making some corrections for the event.

He, however, did not give a new date for the launch.

He said, “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.

“One thing that I will commit to is that this is a well-intended project. The president, President Bola Ahmed Tinubu means well around this and absolutely wants this rolled out as fast as possible, and we’re working very hard to help realise that”.

President Bola Tinubu had on June 12, 2023, signed into law the Access to Higher Education Act, 2023, marking a significant step forward in the provision of interest-free loans for underprivileged students in Nigerian tertiary institutions.

Tinubu’s minister, Dele Alake, who was a member of the then Presidential Strategy Team, said the move was made in fulfilment of one of Tinubu’s campaign promises to liberalize funding for education.

The Loan Scheme was initially slated to take effect in September, but the implementation was delayed.

Nonetheless, Tinubu remained resolute, asserting that the program would be launched in January 2024.

The presidency then eventually announced that the scheme will be introduced on Thursday, the 14th of March, which has now been postponed.