FG postpones launch of Student Loan Scheme indefinitely

The launch of the Nigerian Students Loan Scheme by the Federal Government has been postponed indefinitely.

Akintunde Sawyer, the Executive Secretary of the Nigerian Education Loan Fund (NELFUND), made this announcement during an interview with ARISE NEWS.

Originally scheduled to commence on Thursday, March 14, the loan’s launch has been delayed once more. Sawyer mentioned that adjustments are underway concerning the launch before it proceeds.

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.”

President Bola Tinubu signed the bill into law in June 2023, to establish a Students Loan Fund (SLF) to provide interest-free loans to Nigerians seeking higher education.
The bill, sponsored by Femi Gbajabiamila, the former Speaker of the House of Representatives, was initially planned to kickstart between September and October 2023.