Nigerian Govt Postpones Student Loan Scheme Launch

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The launch of the Student Loan Scheme earlier set to take place on Thursday has been postponed indefinitely by the Nigerian government. According to Akintunde Sawyer, the Executive Secretary for Nigerian Education Loan Fund (NELFUND), the launch was postponed because there are some corrections that are being made around the launch itself. However, he did not give a new date for the launch.

“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,” Sawyer said.

Earlier in June 12, 2023, President Tinubu signed into law, the Access to Higher Education Act, 2023, making it a significant step towards the provision of interest-free loans for underprivileged students in Nigerian tertiary institutions.

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

The Loan Scheme was initially scheduled to kick off in September, 2023, but the implementation was delayed; however, Tinubu still remained resolute, asserting that the program will be launched in January 2024.

Eventually, it was announced by the presidency that the scheme will be introduced on Thursday, the 14th of March, which has now been postponed, yet again.

 

 

 

 

 

 

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