Postponement of Nigerian Students Loan Scheme Launch Indefinitely by Federal Government

The Federal Government of Nigeria has announced the indefinite postponement of the launch of the Nigerian Students Loan Scheme, a move aimed at providing interest-free loans to Nigerian students pursuing higher education. Akintunde Sawyer, the Executive Secretary of the Nigerian Education Loan Fund (NELFUND), revealed this development in an interview with Arise News.

Originally scheduled to commence on March 14, 2024, the launch has been delayed to allow for further corrections and alignment among stakeholders. Sawyer emphasized the importance of ensuring all stakeholders are ready to prevent any unforeseen issues before the scheme’s rollout.

The Students Loan Fund (SLF) was established by President Bola Tinubu, who signed the bill into law in June 2023. The initiative, sponsored by Femi Gbajabiamila, the former Speaker of the House of Representatives, aims to alleviate the financial burden on Nigerian students by providing them with interest-free loans for their education.

The delay in the launch of the scheme has been met with mixed reactions from the public. While some stakeholders have expressed disappointment, others have welcomed the decision, citing the need for thorough preparation to ensure the scheme’s success.

Despite the setback, Sawyer expressed optimism about the scheme’s eventual rollout, stating, “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 & sustainable way.”

The postponement underscores the government’s commitment to ensuring the scheme’s effectiveness and sustainability. Further updates regarding the new launch date are expected to be communicated once all necessary preparations have been completed.