The Presidency has announced a delay in the launch of the student loan scheme, with a new date yet to be determined. The Special Adviser to the President on Information and Strategy, Bayo Onanuga, assured that the program has not been forgotten and will be launched properly at a later date.
The Student Loan Scheme was initially set to be launched on March 14, 2024, but due to necessary rearrangements, the event was postponed. President Tinubu is committed to the program, considering it one of his flagship initiatives, and aims to kick it off as soon as possible.
The Access to Higher Education Act, 2023, signed by Tinubu on June 12, 2023, paved the way for indigent students to access interest-free loans for their educational pursuits in Nigerian tertiary institutions. The Act established the Nigerian Education Loan Fund to manage all loan requests, grants, disbursement, and recovery processes.
Despite initial plans for a September launch, followed by a proposed January 2024 start, the scheme faced delays. President Tinubu directed the Fund to include students seeking loans for skills development, expanding the program’s scope beyond traditional academic pursuits.
The delay in the launch is attributed to the need for the Fund to finalize technological preparations and accommodate skill-development programs. Minister of Information and National Orientation, Mohammed Idris, emphasized that the President is dedicated to ensuring the success of the student loan scheme and other welfare initiatives.
While the postponement is not indefinite, students are encouraged to prepare for the launch and take advantage of the opportunity to apply for loans once the program commences. Stay tuned for updates on the official launch date from President Tinubu.