The Presidency has affirmed that President Bola Tinubu is fully committed to the students’ loan scheme despite the recent postponement of its launch.
Bayo Onanuga, Special Adviser to the President on Information and Strategy, stated this while fielding questions from the State House Journalists after the Federal Executive Council (FEC) meeting presided over by President Bola Tinubu on Wednesday.
Onanuga stated that final touches were being put in place to enable proper launch of the President’s flagship program.
Recall that on Tuesday, the Federal Government announced the indefinite postponement of the scheme’s launch, which was initially scheduled for Thursday, this week.
Onanuga however assured that a new date would be announced soon.
On June 12, 2023, President Tinubu signed the Access to Higher Education Act, 2023 into law to enable indigent students to access interest-free loans for their educational pursuits in any Nigerian tertiary institution.
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.
The Students Loan Bill was sponsored by Femi Gbajabiamila, the immediate-past speaker of the House of Representatives who is now chief of staff to the president.
The legislation provides for the establishment of the Nigerian Education Loan Fund, which will have the power to administer, supervise, coordinate, and monitor the management of students’ loans in the country.
Based on the provisions of the legislation, the fund is expected to receive and screen applications for student loans through higher institutions on behalf of the applicants.
The president later expanded the programme to include Vocational Institutions which were initially excluded from the scheme.
