The Federal Government has postponed the launch of the Nigerian Students Loan Scheme indefinitely. 

The Executive Secretary, Nigerian Education Loan Fund, Akintunde Sawyer, disclosed this during an interview on Arise News on Thursday. 

“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.

The scheme, which was initially scheduled to commence on Thursday, has been delayed once again with the government citing the need for corrections before the launch could proceed.

The initiative to establish a Students Loan Fund to provide interest-free loans to Nigerians pursuing higher education was signed into law by President Bola Tinubu in June 2023. Sponsored by Femi Gbajabiamila, ex-speaker of the House of Representatives, the bill was initially expected to kickstart between September and October 2023.

Mr Tinubu, acknowledging the delay in meeting the October deadline, announced that the scheme would commence by January 2024.

Minister of State for Education, Yusuf Sununu, confirmed during a Federal Executive Council meeting in January that preparations for the scheme’s launch had been completed.

He mentioned the finalisation of the Student Loan Scheme website and the conclusion of technical plans to facilitate the kick-off.

President Tinubu further assured leaders of the National Association of Nigerian Students during their visit to the State House, Abuja, that the scheme would commence once expanded to include additional features such as vocational studies.