The Presidency has affirmed President Bola Tinubu’s commitment to the student loan scheme, despite the recent postponement of its launch.
Speaking after the Federal Executive Council (FEC) meeting on Wednesday, Special Adviser to the President on Information and Strategy, Bayo Onanuga, stated that final touches were being put in place for the flagship program.
Recall that on Tuesday, the federal government announced the indefinite postponement of the scheme’s launch, which was initially scheduled for Thursday.
However, Onanuga assured that a new date would be announced soon.
On June 12, 2023, President Tinubu signed the Access to Higher Education Act, 2023 into law to enable indigent students to access interest-free loans for their educational pursuits in any Nigerian tertiary institution.
The Act, popularly known as the Students Loan Law, also established the Nigerian Education Loan Fund, which is expected to handle all loan requests, grants, disbursement, and recovery.
The student loan bill was sponsored by Femi Gbajabiamila, the immediate-past speaker of the House of Representatives, who is now chief of staff to the president.
The legislation provides for the establishment of the Nigerian Education Loan Fund, which will have the power to administer, supervise, coordinate, and monitor the management of student loans in the country.
Based on the provisions of the legislation, the Fund is expected to receive and screen applications for student loans through higher institutions on behalf of the applicants.
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