The Presidency on Wednesday reaffirmed President Bola Tinubu’s commitment to the Nigerian Education Loan Fund (NELFUND).
The Presidency was reacting to the postponing of the Fund’s planned launch, which was originally slated for Thursday, March 14, by stating that a new date would be announced soon.
Bayo Onanuga, Special Adviser to the President on Information and Strategy, responded to a query about the postponement during the post-Federal Executive Council (FEC) meeting at State House Abuja, saying it was necessary to adequately arrange the programme.
It should be noted that the federal government announced on Tuesday the indefinite suspension of the scheme’s debut.
On June 12, 2023, President Tinubu signed the Access to Higher Education Act, 2023, into law, allowing impoverished students to obtain interest-free loans for their education at any Nigerian higher institution.
The Act, also known as the Students Loan Law, established the Nigerian Education Loan Fund, which will oversee all loan requests, awards, payout, and recovery.
The student loan bill was sponsored by Femi Gbajabiamila, the House of Representatives’ immediate previous Speaker and current Chief of Staff to the President.
The act establishes the Nigerian Education Loan Fund, which would be responsible for administering, supervising, coordinating, and monitoring the country’s student loan administration.
According to the legislation, the fund is expected to receive and assess student loan applications submitted by higher education institutions on behalf of applicants.
However, providing an explanation for the postponement of the Funds launch, Onanuga said:
“There’ll be a new date to launch the student loan scheme, it’s not forgotten. There are some things that need to be rearranged so that it can be launched properly.
“I think that’s what’s happening. So the President’s committed to it, you know it’s one of his flagship programs and he wants to get it done as quickly as possible.”
Providing additional insight, Minister of Information and National Orientation, Mohammed Idris, recalled that President Tinubu had planned out other people-oriented policies and programmes, like the introduction of Social Security and consumer credit programmes that are also being prepared for launch.
Idris, who explained that the various programmes are being taken together, said: “In addition to that, you know that the President has also introduced the issue of social security and consumer credit. We mentioned that in the last press briefing, we had.
“So all these are being taken together and Mr. President is not stopping or suspending the students’ loan. Indeed, he’s ensuring that it comes about strongly so that Nigerians and especially the families of the less privileged, take advantage of that so that they can get education.”