Student loan: New date for scheme expected soon — Presidency says

The presidency has reiterated its dedication to the implementation of the student loan scheme, signaling that a new commencement date will be announced imminently.

This affirmation comes in response to recent remarks by Akintunde Sawyer, the Executive Secretary of the Nigerian Education Loan Fund, hinting at an indefinite postponement of the scheme’s implementation.

Speaking to State House Correspondents following the conclusion of the Federal Executive Council (FEC) meeting on Wednesday, Bayo Onanuga, Special Adviser to the President on Information and Strategy, emphasized that final preparations are underway to ensure a smooth launch of the program.

Referring to it as one of President Tinubu’s flagship initiatives, Onanuga assured the public that a revised launch date would be disclosed shortly.

He stated, “There will be a new date to launch the student loan scheme. There are things being done so that it can be launched properly, and that’s what’s happening. So, the President is committed to it. You know it’s one of his flagship programs, and he wants to get this thing done as soon as possible.”

President Tinubu enacted the Access to Higher Education Act, 2023, into law on June 12, 2023.

This legislation aims to facilitate access to interest-free loans for financially disadvantaged students pursuing higher education in Nigerian tertiary institutions.

Additionally, the Act established the Nigerian Education Loan Fund, tasked with overseeing loan applications, grants, disbursements, and repayments.

Furthermore, the law mandates the establishment of the Nigerian Education Loan Fund, granting it authority to administer, supervise, coordinate, and monitor student loans across the nation.

The fund is anticipated to receive and evaluate loan applications from higher education institutions on behalf of eligible applicants, aligning with the statutory provisions outlined in the legislation.

The impending announcement of a new launch date underscores the government’s commitment to providing equitable educational opportunities and alleviating financial barriers for aspiring students across Nigeria.