The Presidency has announced a delay in the launch of the student loan scheme, stating that a new date for commencement will be disclosed later. This decision was conveyed by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, following Wednesday’s Federal Executive Council meeting in Abuja.
The postponement comes amidst preparations to roll out the programme, initially slated for Thursday, March 14, as announced by the President’s Special Adviser on Media and Publicity, Ajuri Ngelale, during a TVC’s Politics program. While the launch was eagerly anticipated, Executive Secretary of the Nigeria Education Loan Fund, Dr Akintunde Sawyerr, confirmed that logistical adjustments are required before implementation.
President Tinubu had signed the Access to Higher Education Act, 2023 into law on June 12, 2023, underscoring his commitment to democratizing access to education by providing interest-free loans to indigent students pursuing tertiary education. The Act established the Nigerian Education Loan Fund to oversee loan processing, grants, disbursement, and recovery.
Initially slated for September, the scheme’s launch was postponed to January 2024 at the insistence of President Tinubu, who allocated N50bn for its implementation in the 2024 budget. However, subsequent delays ensued, with the latest postponement attributed to the need for technological readiness and expanded mandate to include skill development loans.
Minister of Information and National Orientation, Mohammed Idris, clarified that while the launch is delayed, the President remains committed to various welfare initiatives, including the student loan scheme, social security, and consumer credit programmes.