The proposed student loan scheme under the present administration will commence on Thursday, March 14, 2024.
This was made known by the Special Adviser to the President on Media and Publicity, Mr. Ajuri Ngelale in an interview granted on Sunday TVC’s political program.
Ngelale highlighted some of the President’s, structure works to foster the growth of the nation, by confirming Thursday, as the start of the launch of 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.
According to SA on the Sunday TVC’s program, titled ‘Counting the Cost of Presidents Louds the President Reforms, he also states the welfare initiatives being implemented at the moment by the federal government.
The president made the promise of a low interest-free loan to students across different levels with the signing into law 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.
In a statement from a member of the then Presidential Strategy Team, Dele Alake said that the move was in “fulfillment of one of his campaign promises to liberalize funding of education,”
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.
Despite the promises of its initial kick-off in September, it did not. The federal government later shifted the take-off to January but that also did not happen.
The proposed student loan scheme will see an N50bn injection at its first inception in 2024 which was included in the 2024 budget presented to the National Assembly in November by the president, On February 7, the Executive Secretary of the Nigeria Education Loan Fund, Dr. Akintunde Sawyerr, also confirmed that the much-awaited scheme would go live on February 21, when President Tinubu launches it at the State House, Abuja.
However, Sawyerr alongside Presidency sources, explained 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.
On January 22, Dr. Yusuf Sununu, the Minister of State for Education, received a briefing from the NELFUND team which was led by the Minister himself with a directive from the presidency that the fund should include interest-free loans to Nigerian students interested in skill-development programs.
The decision was based 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.
“This is not an exclusive program. It is catering to all of our young people. Young Nigerians are gifted in different areas,” he said.
Over the weekend Secretary of the Nigeria Education Loan Fund, Dr Akintunde Sawyerr, also reported that the delay was due to unperfected backend systems to power the application process as the scheme is “entirely technologically driven.”
He said, “The delay in take-off was basically to enable the agency to put all necessary measures in place as the scheme is entirely technologically driven.”
Meanwhile, many youths in the country were anticipation of the start of this program which will provide relief in the Education sector of the country in particular, how it will lift many youths from literacy to a great level of intellectual capability, also youth urged the federal government should keep there promise by not raising the Nigerians hope for clout.
