New date for student loans scheme coming soon in Nigeria

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The presidency has restated its commitment to the implementation of the student loan scheme, indicating that a new take-off date would be determined soon.

This clarification follows a statement by the Executive Secretary of the Nigerian Education Loan Fund, Akintunde Sawyer, suggesting that the implementation of the scheme had been put off indefinitely.

Fielding questions from State House Correspondents at the end of the Federal Executive Council (FEC) meeting on Wednesday, Special Adviser to the President on Information and Strategy, Bayo Onanuga, affirmed that final touches are being put in place to enable the proper launch of the scheme.

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Describing it as the flagship of President Tinubu, he assured that a new date would be announced soon.

He said: “There will be a new date to launch the student loan scheme. There are things being done so that it can be launched properly, and that’s what’s happening.

“So, the President is committed to it. You know it’s one of his flagship programs, and he wants to get this thing done as soon as possible.”

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President Tinubu signed the Access to Higher Education Act, 2023, into law on June 12, 2023.

It is designed to enable indigent students to access interest-free loans for their educational pursuits in any Nigerian tertiary institution.

The Act also established the Nigerian Education Loan Fund, which is expected to handle all loan requests, grants, disbursement, and recovery.

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.

The fund is expected to receive and screen applications for student loans through higher institutions on behalf of the applicants in line with the provisions of the legislation.