Federal Government Postpones Student Loan Scheme Launch

The Federal Government has announced the indefinite postponement of the Nigerian Students Loan Scheme, which was originally scheduled to launch soon.

The Executive Secretary of the Nigerian Education Loan Fund, Akintunde Sawyer, has revealed that the government has postponed the Nigerian Students Loan Scheme until further notice. Sawyer made this announcement during an interview with ARISE NEWS

In June 2023, President Bola Tinubu signed the Nigerian Students Loan Fund into law, establishing a system to provide interest-free loans to Nigerian citizens for postsecondary education.

The Nigerian Students Loan Fund was originally proposed by former Speaker of the House of Representatives, Femi Gbajabiamila, and was expected to begin operations between September and October 2023.

While the Nigerian Students Loan Fund was initially scheduled to launch in October, President Tinubu has now announced that it will be postponed until January 2024.

In January, State Minister for Education, Yusuf Sununu, stated that the preparations for the Nigerian Students Loan Fund were complete and ready for launch. This includes the development of the program’s website, as well as other preparations for its implementation.

In addition to announcing the new launch date, President Tinubu stated that the loan fund program will be implemented as soon as possible, once all aspects of the program are finalized. This includes adding vocational studies to the program.


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