The launch of the Nigerian Students Loan Scheme by the Federal Government has been indefinitely postponed, as conveyed by the Executive Secretary of the Nigerian Education Loan Fund, Akintunde Sawyer, during an interview.

In June 2023, President Bola Tinubu signed a bill aimed at initiating a Students Loan Fund to provide interest-free loans to Nigerians for higher education. This bill, having passed the third reading in the lower chamber on May 23, 2023, was intended to offer financial assistance to Nigerian students enrolled in tertiary institutions.

The bill, originally proposed by former Speaker of the House of Representatives, Femi Gbajabiamila, was slated to commence between September and October 2023. However, the program’s commencement was delayed, with 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. Tinubu also communicated to leaders of the National Association of Nigerian Students that additional features, such as vocational studies, would be incorporated before the program’s launch.

Despite these efforts, just 48 hours before the scheduled launch, Sawyer announced the postponement of the loan scheme due to ongoing corrections required before the launch. He expressed regret at being unable to provide a specific date for commitment and explained that they were waiting to ensure alignment among all stakeholders to prevent any surprises. Sawyer further mentioned that once this alignment was achieved, they could proceed with rolling out the project in a meaningful, comprehensive, wholesome, and sustainable manner.