Tinubu’s govt suspends student loan indefinitely

The launch of the Nigerian Students Loan Scheme, scheduled to commence in the Bola Tinubu-led government, has been indefinitely postponed, just 48 hours before its anticipated kickoff. Akintunde Sawyer, the Executive Secretary of the Nigerian Education Loan Fund (NELFUND), conveyed this decision during an interview with AriseTV on Tuesday.

Originally slated to begin on Thursday, the loan scheme’s launch has been deferred once more, as adjustments are being made to ensure a seamless rollout, according to Sawyer. “Unfortunately, I won’t be able to commit to a specific date. We are ensuring that all stakeholders are aligned to prevent any surprises, enabling us to implement the scheme in a meaningful, comprehensive, and sustainable manner,” Sawyer remarked.

President Tinubu had signed a bill in June 2023 to establish a Students Loan Fund (SLF), aimed at providing interest-free loans to Nigerians pursuing higher education. The bill, proposed by former Speaker of the House of Representatives, Femi Gbajabiamila, was initially slated to commence between September and October 2023.

Despite missing the October deadline, Tinubu assured 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 that preparations, including finalizing the Student Loan Scheme website and technical plans, were completed for the scheme’s launch.

President Tinubu reassured 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 include additional features, such as vocational studies, was finalized.