Presidency reveals New details on Student Loan Scheme

The presidency has restated Bola Tinubu administration’s commitment to getting the Student Loan Scheme launched as soon as possible.

Presidential adviser, Bayo Onanuga, disclosed this when speaking to journalists on Wednesday at the end of the Federal Executive Council (FEC) meeting in Abuja.

The Student Loan Scheme was designed to enable indigent students to access interest-free loans for their educational pursuits in any Nigerian tertiary institution.

Recall that Akintunde Sawyer, the executive secretary of the Nigerian Education Loan Fund (NELF), announced on Tuesday that the body would not be able to commit to a specific launch date for now.

Sawyer said the federal government is still making adjustments to the student loan policy.

The plan to start the programme between September and October 2023 was not successful.

The new launch date of Thursday, March 14, also failed. But Onanuga said final touches are being put into the scheme to enable a proper launch, noting that a new date would be announced soon.

There will be a new date to launch the student loan scheme, it’s not forgotten. There are some things that need to be rearranged so that it can be launched properly. I think that’s what’s happening,” he said.“So the president is committed to it, you know it is one of his flagship programmes and he wants to get it done as quickly as possible.

”Similarly, Information Minister, Mohammed Idris, disclosed that the issue of social security and consumer credit —new measures introduced by Tinubu — also played a role in the revision of the dates.

“So all these are being taken together and Mr. President is not stopping or suspending the students’ loan,” Idris said.

“Indeed, he’s ensuring that it comes about strongly so that Nigerians and especially the families of the less privileged, take advantage of that so that they can get education.”