Students and other stakeholders in the education sector have expressed concerns over the indefinite postponement of the planned launch of the Nigerian Students Loan Scheme by President Bola Tinubu.
Nigerian Tribune, however, gathered that the Federal Government is targeting not less than 140,000 students who would benefit from the loan scheme within the first year of its operationalisation.
Executive Secretary of the Nigerian Education Loan Fund (NELFUND), Akintunde Sawyer, on Wednesday, announced the postponement of the formal unveiling of the scheme initially scheduled for Thursday, 14th March 2024.
He said the formal take-off of the scheme has been postponed again, as there are some corrections which are 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.”
President Bola Tinubu signed the bill into law in June 2023, to establish a Students Loan Fund (SLF) to provide interest-free loans to Nigerians seeking higher education.
The bill, sponsored by Femi Gbajabiamila, the former Speaker of the House of Representatives, was initially planned to commence between September and October 2023.
President Tinubu announced the scheme would begin by January 2024, after his Government failed to meet the October deadline last year.
In January, Yusuf Sununu, Minister of State for Education, confirmed at the Federal Executive Council (FEC) meeting, while speaking to reporters, that preparations were completed for the scheme to begin, including the finalisation of the Student Loan Scheme website and the conclusion of technical plans to facilitate the scheme’s kick-off.
President Tinubu assured the leaders of the National Association of Nigerian Students (NANS) when they visited him at the State House, Abuja, that the scheme would begin once its expansion to accommodate extra features including vocational studies was done.
Meanwhile, the Executive Secretary of Tertiary Education Trust Fund (TETFund), Arc. Sonny Echono has clarified that the suspension of the official launch of the student loan scheme was not indefinite as people were made to believe.
According to him, there were some amendments to be made to the Act establishing the scheme by the National Assembly on issue of funding and for the scheme to cover vocational and skills training programmes in line with the commitment of the current administration to encourage skills acquisition in the country.
Echono said President Tinubu was committed to early take-off of the loan scheme, reassuring students that the launch of the scheme has only been postponed for a couple of weeks and not indefinitely.
Echono said: “The reference to indefinitely is not correct. What happens is, there is bit of housekeeping that needs to be done. Essentially, that is with the National Assembly. Mr President was already aware and all arrangements were already in place for the launch.
“But you will recall that after the Act was passed, there were few issues that came up based on consultations with stakeholders on sources of funding, operationalisation among others and we do not want to start a programme and some people are raising objections about how certain things are done,” he said.
He added that the amendment to the Act would be fast-tracked saying an expedited process was in place to ensure that the National Assembly gives their blessings to the Act as soon as possible.
“So we are discussing matter of days and weeks and not an indefinite suspension.
“I also want to assure the Nigerian students that the President is very committed to this and I can confirm to you because I happened to be involved in the steps towards actualization of the scheme, from the first year not less than 140,000 students will be able to benefit from this,” Echono said.
He noted that he was in the education ministry and that there was no time such number of students could access funds up to that when it was scholarship that could not accommodate more than 5000 students.
He explained that the platform for the Student Loan Scheme is live for students to apply anytime is launched, saying this has been synchronized with the Joint Admissions and Matriculation Board (JAMB). He said the bulk of the applications would come to JAMB after candidates have secured their admissions.
“We’re making sure that the loan can accommodate as many that need it. Even people with skills, it’s going to be a game changer. We’re working hand in hand with Jamb, we know when admissions will commence, so we are not far behind”
“In the next couple of weeks, the scheme will take off, and it will accommodate everyone, even students of vocational studies.”
“I’m aware of the challenge of Nigerian students, and I can assure that the window will be open for them,” he said.
