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Nigeria Student Loan Scheme Update: What You Need to Know

Mar 14, 2024


Nigeria Student Loan Scheme Update: What You Need to Know


The Nigerian Education Loan Fund (NELFUND) has been at the forefront of providing clarity regarding the much-anticipated Nigeria Student Loan Scheme. Recent reports circulating online have sparked confusion, suggesting a postponement of the scheme’s launch, initially slated for March 14, 2024.


However, the management has issued a statement to address these concerns and provide updates on the situation.


Clarification from NELFUND:


In response to the reports of indefinite postponement, Nasir Ayitogo, representing the executive secretary Akintunde Sawyer, clarified the situation. While acknowledging a postponement, it was emphasized that the delay is temporary and not indefinite. The decision was made to ensure full alignment of stakeholders before the official launch by President Bola Ahmed Tinubu.


Readiness for Launch:


NELFUND assured that all necessary preparations for the launch are complete. The loan application portal stands ready, and President Tinubu has approved the funds for a smooth take-off. Students are encouraged to remain vigilant and seize the opportunity to apply for the loans once the launch date is determined by the President.


Background:


The journey towards establishing the Student Loan Scheme began in June 2023 when President Tinubu signed a bill to create a Students Loan Fund. Spearheaded by Femi Gbajabiamila, the former Speaker of the House of Representatives, the initiative aimed to provide interest-free loans for higher education. Initially slated for a launch between September and October 2023, delays pushed the commencement to January 2024.


Assurance from President Tinubu:


During a meeting in January, Minister of State for Education, Yusuf Sununu, announced the completion of preparations for the program. President Tinubu also reassured leaders of the National Association of Nigerian Students (NANS) during their visit to the State House in Abuja. He affirmed that the program would kick off after incorporating additional features, including vocational studies.