The Special Adviser to the President on Media and Publicity, Ajuri Ngelale, has disclosed that President Bola Tinubu will launch the Student Loan Scheme on Thursday, March 14, 2024.
Ngelale made this disclosure when he spoke on TVC’s Politics on Sunday.
On the programme titled ‘Counting the Cost of Presidents Tinubu’s Reforms,’ Ngelale highlighted some of the President’s welfare initiatives being implemented at present, saying, “Later this week, on Thursday, the President will launch the historic National Student Loan Programme.”
He added: “This is a major form of obligation reduction for Nigerians and families and young people at a time when Nigerians are feeling the pinch. We believe this is the way to go.”
Tinubu signed the Access to Higher Education Act, 2023, into law on June 12, 2023 to enable indigent students to access interest-free loans for their educational pursuits in any tertiary institution in Nigeria.
While reacting to the development, a member of the then Presidential Strategy Team, Dele Alake, said the move was in “fulfillment of one of his campaign promises to liberalise funding of education,”
The Act, popularly known as the Students Loan Law, also established the Nigerian Education Loan Fund, which will handle every loan request, grant, disbursement, and recovery.
Initially, the government said it would take effect in September, but it did not.
Meanwhile, Tinubu insisted that the scheme would be launched in January 2024. While declaring the 29th session of the annual Nigeria Economic Summit in Abuja open on October 23, 2023, he said: “By January 2024, the new Students Loan Programme must commence. To the future of our children and students, we’re saying no more strikes!”
He proposed N50bn for its take-off in the 2024 budget he presented to the National Assembly in November 2023.
On February 7, the Executive Secretary of the Nigeria Education Loan Fund, Dr Akintunde Sawyerr, exclusively confirmed to newsmen that the long-awaited scheme would go live on February 21, when President Tinubu launched it at the State House, Abuja.
The launch was again delayed, with Sawyer and Presidency sources, explaining that the reason for the delay is to enable the Fund to expand its mandate to include students who need loans for skills development, as directed by the President.
After receiving a briefing from the NELFUND team led by the Minister of State for Education, Dr Yusuf Sununu, on January 22, Tinubu directed the Fund to extend interest-free loans to Nigerian students interested in skill-development programmes.
The President based his decision on the need for the scheme to cater for students who may not want to pursue a university education, noting that skill acquisition is as important as obtaining undergraduate and graduate academic qualifications.
