Loan & Grant

FG Student Loan Scheme Set To Launch Next Month After Postponement from February 26

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Federal Government Student Loan Scheme launch in March 2024

In a recent development, the Federal Government has once again adjusted the kick-off date for the much-anticipated Student Loan Scheme, now rescheduled for March 1, 2024. This marks the fourth revision of the launch timeline since the announcement of the scheme in mid-2023.

Sources within the presidency revealed to BusinessDay that the delay was attributed to the ongoing efforts to expand the scheme, specifically to include students from vocational schools. President Bola Tinubu, who signed the bill into law in June 2023, emphasized the importance of accommodating vocational studies within the program.

Originally planned to commence between September and October 2023, the scheme faced setbacks, prompting President Tinubu to announce a revised start date of January 2024 earlier this year. Minister of State for Education, Yusuf Sununu, confirmed the completion of preparations, including the finalization of the Student Loan scheme website and technical plans during a Federal Executive Council meeting in January.

During a meeting with the National Association of Nigerian Students (NANS), President Tinubu reassured leaders that the scheme would launch once the expansion process was concluded. The delay has been attributed to the complexity of incorporating additional features, such as vocational studies, into the loan program.

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Governor Olayemi Cardoso of the Central Bank of Nigeria recently convened a meeting with the special committee overseeing the Nigerian Education Loan Fund (NELFUND), urging members to ensure a smooth take-off of the scheme on the revised date of March 1, 2024.

Despite the setbacks, the government remains committed to establishing the Students Loan Fund (SLF) to provide interest-free loans to Nigerians pursuing higher education. With the latest adjustments, stakeholders are optimistic that the scheme will finally be launched next month, bringing relief to aspiring students across the nation.

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Source: BusinessDay

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