President Bola Tinubu is scheduled to unveil the Student Loan Scheme on Thursday, March 14, 2024. The announcement was made by Mr. Ajuri Ngelale, the Special Adviser to the President on Media and Publicity, during TVC’s Politics on Sunday.
Under the banner of ‘Counting the Cost of President Tinubu’s Reforms,’ Ngelale outlined various welfare initiatives being implemented by the President, emphasizing the forthcoming launch of the National Student Loan Programme as a significant step towards alleviating financial burdens for Nigerian families and young individuals.
The groundwork for this initiative was laid when Tinubu signed the Access to Higher Education Act, 2023, on June 12, 2023. The Act, also known as the Students Loan Law, aimed to provide interest-free loans to underprivileged students pursuing higher education in Nigerian tertiary institutions. It established the Nigerian Education Loan Fund to manage loan requests, grants, disbursement, and recovery processes.
Although initially slated for implementation in September and later rescheduled for January, the scheme faced delays. However, with a proposed budget of N50bn in the 2024 budget presentation to the National Assembly, the launch gained momentum.
While expectations were high for a February 21 rollout, the launch was postponed to accommodate the President’s directive to expand the scheme’s scope. This expansion aimed to include students interested in skill development programs alongside traditional academic pursuits, reflecting Tinubu’s recognition of the importance of vocational skills in addition to formal education.
Explaining the delay, Dr. Akintunde Sawyerr, the Executive Secretary of the Nigeria Education Loan Fund, cited the need to perfect backend systems essential for the technologically driven application process.
Furthermore, members of the Nigerian community in West Yorkshire, United Kingdom, advocated for the inclusion of students studying abroad in the loan scheme. Tunmise Ajiboye, representing the community, urged the government to extend support to students abroad by facilitating access to favorable exchange rates and financial assistance.
In summary, President Tinubu’s Student Loan Scheme represents a significant stride towards enhancing access to higher education and skill development opportunities for Nigerian youth, albeit with some delays and calls for broader inclusivity from stakeholders both at home and abroad.
