Loan Postponement Not Indefinite

Loan Postponement Not Indefinite – NELFUND

The Nigerian Education Loan Fund (NELFUND) has stressed that the postponement of the student loan scheme is not indefinite as alluded to in the media reports.

In a press statement signed by Nasir Ayitogo on behalf of the executive secretary of NELFUND, the Fund said it is 100 per cent set for the launch as the loan application portal is ready.

The statement reads in part,” The management has been drawn to reports in some sections of the media, particularly social media, suggesting that the launch of the most-anticipated student loan scheme, initially scheduled for Thursday, March 14, 2024, has been postponed indefinitely.

“It will be recalled that the executive secretary of NELFUND, Mr. Akintunde Sawyerr, in a television interview on Tuesday, March 12, 2024, disclosed that the postponement was necessitated by the need to have all stakeholders fully aligned before the formal flag-off by President Bola Ahmed Tinubu.

“For the avoidance of doubt, NELFUND is 100 per cent set for the launch. The loan application portal is ready, and President Bola Ahmed Tinubu has since approved the funds for the smooth take-off.

“Students are advised to seize the opportunity and apply for the loans as soon as it is launched at a date to be determined by the president.”

Tinubu Still Committed To Scheme – Presidency

The presidency has affirmed President Bola Tinubu’s commitment to the student loan scheme, despite the recent postponement of its launch.

Speaking after the Federal Executive Council (FEC) meeting yesterday, the special adviser to the president on information and strategy, Bayo Onanuga, stated that final touches are being put in place for the flagship programme.

The federal government had on Tuesday announced the indefinite postponement of the scheme’s launch, which was initially scheduled for Thursday (today) .

However, Onanuga assured that a new date would be announced soon.

On his part, the minister of information, Mohammed Idris, said the president is not stopping or suspending the student loan scheme.

On June 12, 2023, President Tinubu had 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 student 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.

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.

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