President Bola Tinubu is scheduled to unveil the Student Loan Scheme at the State House in Abuja on February 21, barring any unanticipated conditions.
The Nigeria Education Loan Fund’s Executive Secretary, Dr. Akintunde Sawyerr, revealed that the official launch will take place in tandem with the nationwide opening of applications from qualified candidates.
“Yes, it is confirmed. It will be launched on February 21,” Sawyerr said.
President Tinubu signed the Access to Higher study Act, 2023 into law on June 12, 2023, allowing indigent students to apply for interest-free loans at any Nigerian tertiary institution to further their education.
A member of the Presidential Strategy Team at the time, Dele Alake said the action was taken in “fulfilment of one of his campaign promises to liberalise funding of education.”
The Act, popularly known as the Students Loan Law, also established the Nigerian Education Loan Fund, which is expected to handle all loan requests, grants, disbursement, and recovery.
An anonymous Presidency official confirmed the revised launch date, saying, “If all goes as planned, the President will launch the Student Loan Scheme on February 21.”
“It would likely be held at the banquet hall (State House Conference Centre) at the Villa.
“He (President Tinubu) will be unveiling the website and mobile app on the launch date. After that, those who want the loan can apply because the website will start receiving applications that day.”
The Academic Staff Union of Universities, meanwhile, has not changed its stance on the student loan scheme.
In a conversation with a journalist in Abuja, Prof. Emmanuel Osodeke, the union’s national president, stated, “Our stand remains the same. The scheme didn’t work in the past. However we are looking forward to see how they plan to implement the scheme,” Osodeke said.
ASUU had previously claimed that the student loan programme was really a scheme to enrich a select group of individuals who owned private universities across the nation.
The union recommended that grants be given to indigent students by the government in place of loans.