President Bola Tinubu will introduce the Student Loan Scheme at the State House in Abuja on February 21, barring any last-minute alterations.
The Nigeria Education Loan Fund’s Executive Secretary, Dr. Akintunde Sawyerr, revealed to PUNCH reporters on Wednesday that the formal launch will take place concurrently with the countrywide opening of applications from qualified candidates.
“Yes, it is confirmed. It will be launched on February 21,” Sawyerr stated.
President Tinubu signed the Access to Higher study Act, 2023 into law on June 12, 2023, allowing impoverished students to apply for interest-free loans at any Nigerian postsecondary institution to further their study.
According to Dele Alake, a member of the Presidential Strategy Team at the time, the action was taken in “fulfilment of one of his campaign promises to liberalise funding of education.”
The Nigerian Education Loan Fund was also formed under the Act, sometimes referred to as the Students Loan Law. This fund is responsible for managing all loan requests, grants, disbursements, and recovery.
An anonymous Presidency official confirmed the revised launch date by saying:
“The Student Loan Scheme will be launched on February 21 by the President, if all goes according to plan.
“It would likely be held at the banquet hall (State House Conference Centre) at the Villa.
“He (President Tinubu) will be unveiling the website and mobile app on the launch date. After that, those who want the loan can apply because the website will start receiving applications that day.”
Although the administration had originally said that it would go into effect in September, it didn’t.
However, Tinubu had urged that the plan start in January 2024.
The President remarked, “On October 23, 2023, the 29th session of the annual Nigeria Economic Summit in Abuja will open.”
In the 2024 budget he presented to the National Assembly in November, Tinubu suggested allocating N50 billion for its launch.
cc: Punch Ng
