The Federal Government has announced further delays in the implementation of the student loan policy, citing ongoing adjustments to the scheme’s framework.
Akintunde Sawyer, the executive secretary of the Nigerian Education Loan Fund (NELF), disclosed during an interview with Arise TV on Tuesday that the body is still fine-tuning the policy and cannot commit to a specific launch date at this time.
The Access to Higher Education Law, signed by President Bola Tinubu in June 2023, aims to provide interest-free loans to indigent students, facilitating their access to education in government-run tertiary institutions. However, the rollout of the scheme has faced multiple postponements.
Initially scheduled to commence between September and October 2023, the launch was deferred due to technical reasons. Subsequent revised timelines for January 2024, February, and then March 14 were also pushed back.
According to Sawyer, the delay is attributed to the need for pre-launch corrections and alignment of stakeholders to ensure a seamless rollout process.
He stated, “Thursday (March 14) is not the day because there are some corrections being made around the launch itself. What we look to expect from this is the opportunity for students, sometime this month, to be able to put in their applications to access the loan. Unfortunately, I won’t be able to commit to a specific date.”
Sawyer emphasized the importance of thorough preparations to guarantee the scheme’s effectiveness and sustainability, highlighting the significance of stakeholder alignment in the process.
He added, “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.”
