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FG announces indefinite postponement of students loan

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FG announces indefinite postponement of students loan

Nigeria’s Federal Government on Tuesday, announced the indefinite postponement of the Nigerian Students Loan Scheme proposed by the Bola Tinubu administration.

Akintunde Sawyer, the Executive Secretary of the Nigerian Education Loan Fund, announced this during an interview with Arise News on Tuesday.

The loan was originally scheduled to commence on Thursday. However, Sawyer explained that the delay is due to some corrections being made regarding the launch.

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

President Bola Tinubu had in June 2023 signed a bill to establish a Students Loan Fund that would provide interest-free loans to Nigerians for higher education.

The bill, sponsored by Femi Gbajabiamila, the former Speaker of the House of Representatives, was initially scheduled to commence between September and October 2023.

President Tinubu announced that the scheme would commence in January 2024 after his government failed to meet the October deadline the previous year.

In January, the Minister of State for Education, Yusuf Sununu, announced during a meeting that preparations for the program had been completed. This included the development of the Student Loan Scheme website and planning for the program’s commencement.

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