Again, Student Loan Misses January Deadline

Disappointment has continued among students and parents over the delayed launch of the student loan scheme, despite assurance from the federal government that it will commence disbursement of the education loans in January 2024.

The student loan, which was anticipated as a new chapter in accessible education by indigent students, has been overshadowed by persistent delays, leaving aspiring students and their families in a state of uncertainty as the government, again failed to meet the January deadline. President Bola Tinubu had in June 2023 signed into law a bill to establish a Students Loan Fund (SLF) to provide interest-free loans to Nigerians seeking higher education.

The bill, sponsored by the former Speaker of the House of Representatives, Femi Gbajabiamila, was initially planned to begin between September and October 2023. After failing to meet the October deadline last year, Tinubu then announced that his government would commence the disbursement of student loans to Nigerians by January 2024.

Towards the end of January, the government also affirmed its position that the loan scheme would commence, with plans to ensure timely access to the credit facility within 30 days.

Minister of state for education, Yusuf Sununu, confirmed that preparations were completed for the scheme to begin, including the finalisation of the Student Loan scheme website and the conclusion of technical plans to facilitate the scheme’s kick-off. However, LEADERSHIP investigation revealed that neither the website nor a new update had been provided on the subject since the minister made the statement.

  Meanwhile, an official from the Ministry of Education who does not want his name mentioned said expansion hurdles are the reason behind the delay of the student loan. “I think the delay in the initiation of student loans arises due to obstacles in the expansion process which hinders the timely takeoff of this financial support for students.”

Speaking to our correspondent, the president of National Association of Nigerian Students (NANS), Comrade Lucky Emonefe said the students are still waiting for the committee on the scheme to meet with stakeholders in order to kickstart it.

  He also attributed the delay to the expansion of the loan scheme. “There is a little delay due to the expansion of the loan scheme by Mr. President. We are waiting for the Committee to meet with relevant stakeholders like NANS so that we can kick start.”

  Meanwhile, a cross section of Nigerian students has implored the government to begin the student loan scheme, saying that it will unlock doors to education for those who dream of a brighter future.

A student of microbiology, University of Abuja, who identified himself as Victor, urged the government to stick to its promise and initiate the student loan scheme. We urge the government to commence the student loan scheme. If the government invests in education it will shape our nation’s future,” he said.

Some parents who spoke exclusively to LEADERSHIP also unite in urging the government to kickstart the student loan so as to provide support for children’s pursuit of higher education.” Gloria Kator, a resident of Lugbe, Abuja, whose son is at the University of Abuja, urged the government to initiate the student loan without delay in order to secure a brighter future for Nigerians children through accessible education.

“I would like to implore the government to commence student loans promptly, ensuring our children’s educational journey is not hindered by financial barriers,” she said. She stressed the urgency of government action, calling for the immediate commencement of the loans to empower the students.