President Bola Tinubu will launch the Student Loan Scheme on Thursday, March 14, 2024.
The President's Special Adviser on Media and Publicity, Mr Ajuri Ngelale, revealed this during an interview on TVC’s Politics on Sunday, as reported by PUNCH Online.
During the segment titled ‘Counting the Cost of Presidents Tinubu’s Reforms,’ Ngelale discussed some of the President’s ongoing welfare projects and stated, “Later this week, on Thursday, the President will launch the historic National Student Loan Programme.”
“This is a substantial way to reduce financial burdens for Nigerians, families, and young individuals during challenging times. We believe this is the right path to take,” he added.
On June 12, 2023, Tinubu signed the Access to Higher Education Act, 2023, into law to enable financially challenged students to access interest-free loans for their educational pursuits in any Nigerian tertiary institution.
In “fulfillment of one of his campaign promises to liberalise funding of education,” a member of the then Presidential Strategy Team, Dele Alake, said.
The Act, also known as the Students Loan Law, established the Nigerian Education Loan Fund, which is expected to handle all loan requests, grants, disbursement, and recovery.
The government initially said it would take effect in September, but it did not.
However, Tinubu had insisted that the scheme would go live in January 2024. Declaring the 29th session of the annual Nigeria Economic Summit in Abuja open on October 23, 2023, the President said, “By January 2024, the new Students Loan Programme must commence. To the future of our children and students, we’re saying no more strikes!”
He proposed N50bn for its take-off in the 2024 budget he presented to the National Assembly last November.
On February 7, the Executive Secretary of the Nigeria Education Loan Fund, Dr Akintunde Sawyerr, exclusively confirmed to our correspondent that the much-awaited scheme would go live on February 21, when President Tinubu launches it at the State House, Abuja.
However, the launch was delayed, with Sawyerr, alongside Presidency sources, explaining that the lag time is to enable the Fund to expand its mandate to include students seeking loans for skills development, as directed by the President.
After receiving briefing from the NELFUND team led by the Minister of State for Education, Dr Yusuf Sununu, on January 22, the President directed the Fund to extend interest-free loans to Nigerian students interested in skill-development programmes.
Tinubu based his decision on the need for the scheme to accommodate those who may not want to pursue a university education, noting that skill acquisition is as essential as obtaining undergraduate and graduate academic qualifications.
“This is not an exclusive programme. It is catering to all of our young people. Young Nigerians are gifted in different areas.
“This is not only for those who want to be doctors, lawyers, and accountants. It is also for those who aspire to use their skilled and trained hands to build our nation.
The president had said that he instructed NELFUND to look for ways to include skill-development programs as not everyone wants a full university education.
The President’s Special Adviser on Information and Strategy, Mr Bayo Onanuga, explained that the President had asked them to expand their scope to include vocational skills, which may have caused the delay.
Sawyerr explained that the delay is because the backend systems to power the application process are not yet perfect, as the scheme relies entirely on technology.
He mentioned that the delay in starting the scheme was to ensure that all necessary measures are in place, as the scheme is entirely driven by technology.
