The head of the Tertiary Education Trust Fund, Sonny Echono, has guaranteed that the introduction of the student loan program has been delayed for a few weeks and not endlessly.
He made this statement at the TETFUND headquarters in Abuja during a visit from the governor of Kwara state.
Echono explained that the delay in the launch is simply to ensure that there are no issues in the proper implementation of the program and to ensure that it meets certain standards.
Echono’s clarification came after the announcement by the Executive Secretary of the Nigerian Education Loan Fund, Akintunde Sawyer, that the launch of the program had been halted indefinitely.
Sawyer stated in an interview with Arise news channel that the loan program was postponed due to some changes being made before the launch.
“Regrettably, I cannot provide a specific date. We are waiting to ensure all stakeholders are in agreement so that the launch can occur in a meaningful, comprehensive, and sustainable manner,” he said.
However, speaking in Abuja, Echono clarified, “The loan has not been postponed indefinitely, there are just some administrative tasks that need to be completed, the president has plans in place for the launch.
“We are looking at a matter of days, at most weeks, for it to begin. The president is fully committed to this, and I can assure you that it will be executed in the best way.
“We do not want to rush the launch, face objections, and then have to stop it.
“We are ensuring that the loan can cater to as many people as possible. It will be a game changer even for those with skills. We are collaborating closely with JAMB, we are aware of when admissions will start, so we are not far behind.
“In the next couple of weeks, the program will commence and it will be open to everyone, including students in vocational studies.
The TETFund also mentioned that the Federal Government is diligently working to address security issues in tertiary institutions and hopes to resolve all security problems soon.
Abdulrahman Abdulrasaq, the governor of Kwara State, commended TETFund for providing financial aid to the state's universities.
“In Kwara, we have the best university library in West Africa, thanks to TETFund.”
In June 2023, President Bola Tinubu approved a bill to establish a Students Loan Fund that would provide interest-free loans for higher education to Nigerians.
Former Speaker of the House of Representatives, Femi Gbajabiamila, proposed the bill and it was anticipated to commence between September and October 2023.
However, Tinubu stated that the program would start in January 2024, after missing the October deadline.
In January, Minister of State for Education, Yusuf Sununu, announced at a meeting that preparations for the program were complete, including the creation of the Student Loan Scheme website and strategizing the program's launch.
Tinubu also informed the leaders of the National Association of Nigerian Students that the plan would begin after they included additional elements, such as vocational studies.
