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FG postpones launch of student Loan scheme indefinitely

Boom RadioNG | March 13, 2024
MD/CEO of the Nigerian Education Loan Fund, Akintunde Sawyer,

The launch of the Nigerian Students Loan Scheme by the Federal Government has now been postponed indefinitely.

This was disclosed by the Executive Secretary of the Nigerian Education Loan Fund, Akintunde Sawyer, during an interview.

Just about 24 hours before the scheduled launch, Mr. Sawyer announced the postponement of the loan scheme due to ongoing corrections required before the launch.

He regretfully stated that he would be unable to provide a specific date for the commencement of the scheme and explained that they were waiting to ensure alignment among all stakeholders to prevent anyone from being blindsided. He further mentioned that once this alignment was achieved, they could proceed with rolling out the project in a meaningful, comprehensive, wholesome, and sustainable manner.

Earlier in June 2023, President Bola Tinubu signed the bill initiating the Students Loan Fund aimed at providing interest-free loans to Nigerian students enrolled in tertiary institutions.

 

Executive Secretary of the Nigerian Education Loan Fund, Akintunde Sawyer,

Executive Secretary of the Nigerian Education Loan Fund, Akintunde Sawyer,

The bill, proposed by former Speaker of the House of Representatives, Femi Gbajabiamila, was slated to commence between September and October 2023 but was delayed, with President Tinubu announcing a new start date for January 2024, after missing the October deadline.

In January, Minister of State for Education, Yusuf Sununu, confirmed that preparations, including the creation of the Student Loan Scheme website and program implementation planning, were completed and it was going to kick off by March which has now been indefinitely suspended.

 

Dolupo Balogun

Written by Boom RadioNG

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