President Bola Tinubu is set to launch the Student Loan Scheme on Thursday, March 14, 2024.
The announcement was made by the Special Adviser to the President on Media and Publicity, Mr. Ajuri Ngelale, during an appearance on TVC’s Politics on Sunday, which was monitored by PUNCH Online.
During the program titled ‘Counting the Cost of President Tinubu’s Reforms,’ Ngelale discussed some of the welfare initiatives being rolled out by the President. He mentioned that later in the week, on Thursday, the President would inaugurate the National Student Loan Programme, which he described as a significant step towards reducing financial burdens for Nigerian families and young individuals, especially during challenging times. Ngelale expressed belief in the positive impact of such initiatives.
On June 12, 2023, Tinubu approved the Access to Higher Education Act, 2023, which allows financially disadvantaged students to obtain interest-free loans for their tertiary education in Nigerian institutions. This action was a fulfillment of one of his campaign pledges aimed at improving education funding. According to Dele Alake, a member of the Presidential Strategy Team at the time, Tinubu’s goal was to make education more accessible.
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The Act, commonly referred to as the Students Loan Law, also established the Nigerian Education Loan Fund. This fund is responsible for managing all loan applications, grants, disbursements, and repayment processes. Initially, the government announced that the National Student Loan Programme would start in September, but it didn’t happen as planned.
However, Tinubu remained determined that the program would begin in January 2024. During the opening of the 29th session of the annual Nigeria Economic Summit in Abuja on October 23, 2023, the President emphasized, “The new Students Loan Programme must commence by January 2024. We aim to ensure our children and students have a stable educational environment without strikes!” He proposed allocating N50 billion for the program’s launch in the 2024 budget presented to the National Assembly last November.
The Nigeria Education Loan Fund’s Executive Secretary, Dr. Akintunde Sawyerr, confirmed on February 7 that the long-awaited National Student Loan Programme would kick off on February 21, during President Tinubu’s launch event at the State House, Abuja. However, the launch faced a delay. Sawyerr and Presidency sources explained that the delay was to allow the Fund to broaden its scope to include students seeking loans for skill development, as per the President’s directive.
Following a briefing from the NELFUND team, led by the Minister of State for Education, Dr. Yusuf Sununu, on January 22, the President instructed the Fund to provide interest-free loans to Nigerian students interested in skill development programs. Tinubu’s decision to expand the scheme was driven by the recognition of the importance of accommodating individuals who may opt for avenues beyond traditional university education. He emphasized the significance of skill acquisition alongside academic qualifications at the undergraduate and graduate levels.
The program aims to cater to the diverse talents and aspirations of young Nigerians, acknowledging that not everyone aspires to become doctors, lawyers, or accountants. It seeks to support individuals who wish to contribute to the nation’s development through skilled trades and professions. In line with this vision, Tinubu directed NELFUND to explore opportunities for incorporating skill development programs, recognizing that various young Nigerians possess talents and interests beyond traditional academic paths.
The delay in launching the scheme was attributed to the need to expand its scope to include vocational skills training, as directed by the President. This directive prompted the National Education Loan Fund, NELFUND, to review and broaden its mandate to accommodate individuals interested in vocational education alongside traditional academic pursuits. According to Mr. Bayo Onanuga, the President’s Special Adviser on Information and Strategy, the delay was necessary to adjust the scheme’s scope to meet the new directive.
Additionally, Dr. Akintunde Sawyerr, the Executive Secretary of NELFUND, explained that the delay was also due to the need to finalize the technological infrastructure required to power the application process. He emphasized that the scheme relies heavily on technology for its operations, and the agency needed time to ensure that all necessary backend systems were perfected before the launch.
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