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This scheme is a key initiative of President Bola Tinubu's administration, aimed at supporting students who might otherwise be unable to afford education due to financial constraints.
The announcement about the delay came from Akintunde Sawyer, the Executive Secretary of the Nigerian Education Loan Fund, during an interview. He mentioned that the launch date would be moved, but did not specify when it would now take place.
During a discussion with journalists after a meeting led by President Tinubu, Mr. Bayo Onanuga, who advises the President on Information and Strategy, explained that they are making final adjustments to ensure the scheme's successful launch.
He emphasized the President's commitment to this initiative, noting it as a top priority and reassuring that a new launch date would be shared soon.
Onanuga highlighted that the delay is to make sure everything is in order for a smooth start. He stressed the President's dedication to the program, aiming for a swift completion.
Furthermore, Mohammed Idris, the Minister of Information and National Orientation, pointed out that this loan scheme is part of a broader set of social support measures, including social security and consumer credit initiatives announced by the President.
These efforts demonstrate the government's commitment to supporting less privileged families and ensuring their access to education.
On June 12, 2023, President Tinubu signed into law the Access to Higher Education Act, 2023. This important piece of legislation enables students in need to obtain interest-free loans for their studies in Nigerian tertiary institutions.
It led to the creation of the Nigerian Education Loan Fund, responsible for managing the loan process from application to disbursement and repayment.
The law was initially proposed by Femi Gbajabiamila, the former Speaker of the House of Representatives and now the Chief of Staff to the President.
It aims to establish a fund to oversee the distribution and management of student loans, helping to ensure that education is accessible to all Nigerians regardless of their financial status.