How Student Loan Scheme Delays Are Dampening Hopes For Immediate Rollout

 

Eko hot blog reports that The much-anticipated launch of Nigeria’s student loan scheme faces yet another setback as concerns over disbursement methods cause a postponement, leaving many eager students and parents in limbo.

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The indefinite delay, announced by Akintunde Sawyer, the executive secretary of the Nigerian Education Loan Fund, has left students and parents frustrated. The suspension, announced just hours before the scheduled launch on Thursday, has sparked widespread disappointment.

This isn’t the first time the program has faced delays. Initially proposed by former Speaker of the House of Representatives, Femi Gbajabiamila, the bill was signed by President Bola Tinubu in June 2023, with expectations of commencing between September and October of the same year.

However, missed deadlines and continuous postponements have plagued the program. Despite assurances from officials, including Minister of State for Education Yusuf Sununu, and promises of a January 2024 start, the launch has been repeatedly pushed back.

Akintunde Sawyer, addressing the delays, stated, “Unfortunately, I won’t be able to commit to a specific date. We are sort of waiting to ensure that all the stakeholders are aligned to make sure that nobody is blindsided, then we can actually roll this out in a meaningful, comprehensive, wholesome and sustainable way.”

Students have expressed frustration over the lack of seriousness and preparation on the government’s part, leading many to seek alternative means of financing their education.  The National Association of University Students (NAUS) has condemned the decision to postpone the launch indefinitely.

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Despite the setbacks, Akintunde Sawyerr assured that NELFUND is fully prepared for the launch, with the loan application portal ready and funds approved by President Bola Ahmed Tinubu. Students are urged to be ready to apply for loans once the launch date is determined.

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