Victor Ezeja
The hope of benefiting from the Students Loan Scheme by Nigerian students in tertiary institutions may have been dashed as the Federal Government’s foot-dragging has climaxed with indefinite postponement of the launch.
The Executive Secretary of the Nigerian Education Loan Fund, Akintunde Sawyer, who appeared on ARISE NEWS on Tuesday, said it has been postponed indefinitely.
Join our WhatsApp ChannelPrime Business Africa recalls that President Bola Tinubu had in June 2023 signed a bill into law to set up a Students Loan Scheme that would give Nigerian students interest-free loans to have access to higher education.
The scheme was supposed to start between September and October 2023 but was later postponed to January 2024 by President Tinubu.
One month after, the Nigerian President, in Niger State on Monday, said the Student Loan Scheme and other programmes of his administration which ought to have commenced are being fine-tuned.
“The Student Loan Programme will commence. There will be employment benefits for our graduates. The social security programme for the elderly and vulnerable will commence. We are fine-tuning all of that,” Tinubu said on Monday.
Also, Tinubu’s Special Adviser on Media and Publicity, Ajuri Ngelale, had on Sunday said that the president would launch the Student Loan Scheme on Thursday.
Mr Ngelale, who was a guest on a TVC programme said: “Later this week, on Thursday, the President will launch the historic National Student Loan Programme.
“This is a major form of obligation reduction for Nigerians and families and young people at a time when Nigerians are feeling the pinch. We believe this is the way to go.”
However, barely 48 hours before the launch, Sawyer said the loan scheme was postponed due to some corrections that were being made around the launch.
“Unfortunately, I won’t be able to commit to a specific date. We are sort of waiting to ensure that all the stakeholders are aligned to make sure that nobody is blindsided, then we can actually roll this out in a meaningful, comprehensive, wholesome and sustainable way,” he said.
Since the scheme was launched it has been generating reactions as to the benefits, and disadvantages and whether the processes laid out for accessing the loan actually promotes inclusion among the target beneficiaries.
READ ALSO: Nigerian Govt Should Convert N50bn Student Loan To Grants – ASUU President
National President of the Academic Staff Union of Universities (ASUU) had earlier advised the Federal Government to convert the N50 billion budgeted for the scheme to grants, citing the burden of paying back given the nature of the country’s economy and unemployment that beset students after school.
He argued that giving it as grant to the “very poor” would create more impact than as loan.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
