The eagerly anticipated launch of the Nigerian Students Loan Scheme has been postponed indefinitely by the Federal Government, as announced by the Executive Secretary of the Nigerian Education Loan Fund, Akintunde Sawyer, during an interview with ARISE NEWS on Tuesday.

The initiative, which aimed to provide interest-free loans to Nigerian students pursuing higher education, was set in motion by President Bola Tinubu, who signed a bill to establish the Students Loan Fund in June 2023. 

Proposed by former Speaker of the House of Representatives, Femi Gbajabiamila, the program was initially slated to commence between September and October 2023.

In January, Minister of State for Education, Yusuf Sununu, affirmed that preparations for the launch were completed, including the establishment of the Student Loan Scheme website and strategic planning for its implementation. Additionally, President Tinubu assured leaders of the National Association of Nigerian Students that the program would commence once additional features, such as vocational studies, were incorporated.

However, just 48 hours before the scheduled launch, Sawyer revealed that the initiative had been postponed due to ongoing corrections being made around its implementation. He expressed the need to ensure that all stakeholders were aligned and that the program would be rolled out in a meaningful, comprehensive, and sustainable manner.

“Unfortunately, I won’t be able to commit to a specific date,” Sawyer stated. “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.”