FG Postpones Student Loan Scheme Launch Again, Sets New Date | Check Post for More Details

The Federal Government has once more delayed the commencement of the eagerly anticipated student loan scheme, pushing the kickoff date to March 1, 2024. This postponement marks the fourth time authorities have rescheduled the launch since its initial announcement last year, as reported by BusinessDay.

Citing sources within the presidency, the shift in the schedule is attributed to the ongoing process of expanding the scheme to include students from vocational schools, a crucial aspect yet to be finalized. The initiative, signed into law by President Bola Tinubu in June 2023, aims to establish a Students Loan Fund (SLF) offering interest-free loans to Nigerian students pursuing higher education.

Originally slated for implementation between September and October 2023, the scheme faced delays, prompting reassurances from President Tinubu for a January 2024 launch. Despite assurances from Minister of State for Education, Yusuf Sununu, in January that preparations were complete, including the finalization of technical plans and the Student Loan scheme website, the rollout was again postponed. CONTINUE READING.....

President Tinubu, during a meeting with leaders of the National Association of Nigerian Students (NANS), emphasized that the scheme would commence following the incorporation of additional features, particularly vocational studies.

In a recent development, Olayemi Cardoso, Governor of the Central Bank of Nigeria, convened an inaugural meeting with the special committee tasked with overseeing the Nigerian Education Loan Fund (NELFUND). The committee was charged with ensuring a seamless launch of the scheme on the rescheduled date of March 1, 2024. CONTINUE READING.....

The repeated delays underscore the challenges in implementing the student loan program, reflecting the complexities involved in expanding access to higher education financing in Nigeria. As stakeholders anticipate the forthcoming launch, the government remains committed to addressing the necessary requirements for the successful execution of the initiative.

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