New Date For Student Loans Scheme Announcement Imminent — Presidency
The presidency has reaffirmed its dedication to the implementation of the student loan scheme, indicating that a new commencement date will be determined shortly.
This reassurance comes in response to recent statements by the Executive Secretary of the Nigerian Education Loan Fund, Akintunde Sawyer, suggesting a delay in the implementation of the scheme indefinitely.
Addressing questions from State House Correspondents following the Federal Executive Council (FEC) meeting, Special Adviser to the President on Information and Strategy, Bayo Onanuga, confirmed that final preparations are underway to ensure a successful launch of the scheme. He emphasized its significance as one of President Tinubu’s flagship programs and assured that a revised launch date would be announced promptly.
President Tinubu had enacted the Access to Higher Education Act, 2023, into law on June 12, 2023. This legislation aims to facilitate access to interest-free loans for financially disadvantaged students pursuing tertiary education in Nigerian institutions.
Under the Act, the Nigerian Education Loan Fund was established to manage loan applications, grants, disbursements, and recovery processes. Additionally, the legislation mandates the fund to oversee the administration, supervision, coordination, and monitoring of student loans nationwide.
The fund is poised to receive and evaluate loan applications from higher institutions on behalf of eligible candidates in accordance with the statutory provisions.
