The Presidency has stated that a new date for the start of the student loan scheme will be announced later.
Bayo Onanuga, the Special Adviser to the President on Information and Strategy, revealed this after Wednesday's Federal Executive Council meeting at the Aso Rock Villa, Abuja.
Onanuga stated, "There will be a new date to launch the student loan scheme. It's not forgotten."
Onanuga explained that the planned launch of the Fund, initially scheduled for Thursday, March 14, has been postponed and clarified that the programme has not been forgotten.
He cited the need for rearrangements before a proper launch as the reason for the delay.
He emphasized the President's commitment to the scheme, stating that it is one of his flagship programmes and that he wants to get it done quickly.
During an appearance on TVC's Politics on Sunday, the President's Special Adviser on Media and Publicity, Ajuri Ngelale, announced that Tinubu would launch the Student Loan Scheme on Thursday, March 14, 2024.
Sources from the Villa also confirmed that the President was scheduled to launch the programme on Thursday.
However, the Executive Secretary of the Nigeria Education Loan Fund, Dr Akintunde Sawyerr, announced in an Arise News interview that the Thursday launch is no longer feasible. no longer feasible.
On June 12, 2023, Tinubu signed the Access to Higher Education Act, 2023 into law to enable indigent students to access interest-free loans for their educational pursuits in any Nigerian tertiary institution.
The move was in “fulfilment of one of his campaign promises to liberalise funding of education,” a member of the then Presidential Strategy Team, Dele Alake, said.
The Act, popularly known as the Students Loan Law, also established the Nigerian Education Loan Fund to process all loan requests, grants, disbursement, and recovery.
Initially, the government announced that the scheme would start in September, but it did not.
Tinubu insisted on a January 2024 start. During the 29th session of the annual Nigeria Economic Summit in Abuja, the President declared, “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, Sawyerr confirmed that the much-awaited scheme would go live on February 21, when President Tinubu launched 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 a 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 made the decision because he thinks the program should be open to people who don't want to go to a university. He believes that learning practical skills is just as important as getting traditional academic qualifications.
This program is for all young people, not just those who want to pursue careers like being a doctor, lawyer, or accountant. It's also for those who want to use their hands to contribute to the country.
To support this, I have told NELFUND to look for opportunities to include skill development programs because not everyone wants to go to a traditional university.
On Saturday, March 9, Sawyerr told our correspondent that the delay is mainly to allow the agency to put all necessary measures in place as the scheme is entirely technologically driven.
Minister of Information and National Orientation Mohammed Idris explained that President Tinubu has also planned other welfare initiatives, like social security and consumer credit programs, which are waiting to be launched.
He said that all these programs are being considered together and that the student loan is not being stopped or suspended. Instead, it's being strengthened so that Nigerians, especially those from less privileged families, can take advantage of it to get an education.
However, Sawyerr has clarified that the postponement is not indefinite.
A statement from his media aide, Nasir Ayitogo, explained, 'While there has been a postponement, we want to clarify that it is not indefinite as reported.'
'NELFUND is completely ready for the launch. The loan application portal is ready, and President Bola Ahmed Tinubu has already approved the funds for the smooth start.'
Students are encouraged to apply for the loans as soon as it is launched on a date to be determined by the President.
