The federal government says it will official launch the Student Loan Scheme on Thursday, March 14, 2024.
The Special Adviser to the President on Media and Publicity, Mr Ajuri Ngelale, who said this said the move was in “fulfillment of one of his campaign promises to liberalise funding of education
Tinubu had on June 12, 2023, 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 Act, popularly known as the Students Loan Law, also 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. It later shifted the take-off to January but that also did not happen.
The President 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, confirmed 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 explaining that the lag time was to enable the fund to expand its mandate to include students seeking loans for skills development, as directed by the President.
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.
Tinubu Launches Student Loan Thursday, Foreign Scholars Seek Inclusion
