The Student Loan Scheme aims to provide financially disadvantaged students in tertiary institutions with access to credit to support their education.
President Bola Tinubu is scheduled to launch the Student Loan Scheme on Thursday, March 14, 2024, according to his Special Adviser on Media and Publicity, Chief Ajuri Ngelale.
Ngelale shared this information during a TVC program titled ‘Counting the Cost of President Tinubu’s Reforms’ on Sunday, March 10, 2024.
Highlighting the President’s welfare initiatives, Ngelale stated, “Later this week, on Thursday, the President will launch the historic National Student Loan Programme.” He emphasized its significance in reducing financial burdens for Nigerians and young people amid economic challenges.
This development comes nine months after Tinubu signed the Access to Higher Education Act, 2023, enabling financially challenged students to access interest-free loans for their tertiary education in Nigeria.
Known as the Students Loan Law, the Act established the Nigerian Education Loan Fund responsible for handling loan requests, grants, disbursement, and recovery.
Despite previous postponements, the government is determined to implement the scheme. Tinubu had assured Nigerians that the program would commence in January 2024 during the 29th session of the Nigeria Economic Summit.
Earlier announcements, including a proposed launch on February 21 by the Executive Secretary of the Nigeria Education Loan Fund, Dr. Akintunde Sawyerr, did not materialize. However, the upcoming launch on March 14 holds promise for students seeking financial support for their education.
