FG Postpones Nigerian Student Loan Indefinitely (NELFUND)

The Federal Government has postponed the launch of the Nigerian Students Loan Scheme indefinitely, this was barely 48-hours to its kickoff date, the Bola Tinubu-led government postponed the launch of the Nigerian Students Loan Scheme.In an interview with AriseTV on Tuesday, as monitored by Edustuff, Akintunde Sawyer, the Executive Secretary of the Nigerian Education Loan Fund (NELFUND), revealed that the loan, originally scheduled to commence on Thursday, has been delayed once more. Sawyer explained that adjustments are being made prior to the launch, necessitating the postponement.

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

Recommended: How to Apply for Nigeria Education Loan Fund NELFund 2024

In June 2023, President Tinubu signed a bill to start a Students Loan Fund (SLF) that would give interest-free loans to Nigerians for higher education.

A former Speaker of the House of Representatives, Femi Gbajabiamila, proposed the bill and it was supposed to start between September and October 2023.

Meanwhile, Tinubu said the programme would begin in January 2024, after missing the October deadline.

In January, Yusuf Sununu, Minister of State for Education, confirmed at the Federal Executive Council (FEC) meeting, while speaking to reporters, that preparations were completed for the scheme to begin, including the finalisation of the Student Loan Scheme website and the conclusion of technical plans to facilitate the scheme’s kick-off.

President Tinubu assured the leaders of the National Association of Nigerian Students (NANS) when they visited him at the State House that the scheme would begin once its expansion to accommodate extra features, including vocational studies, was done.
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