NANS disappointed as student loan take-off fails

National Association of Nigerian Students has expressed dissatisfaction with the delay in the launch of the Federal Government Education Loan Scheme, as the government again announced further suspension of the scheme.

The scheme, whose take-off has been repeatedly postponed, was billed to be inaugurated today (Thursday) by President Bola Tinubu.

The Federal Government, however, said on Wednesday that the inauguration had been further postponed for four weeks.

While reacting to the development, the Senate President, NANS, Afeez Akinteye, told newsmen that many Nigerian students have lost hope in the scheme. Some even believe it will not work again. But we, the executives of NANS, are optimistic because we are closer to the government and asking them questions.

He said the association has been monitoring and following up on what is happening, noting that the postponement according to the government was because some items on scheme were not functioning, as there are some hitches around it.

Akinteye however expressed optimism that with the seriousness of the president on the scheme, there would be light at the end of the tunnel, while advising that the government should perfect the scheme before unveiling it.

In June 2023, President Tinubu signed a bill to start a Students Loan Fund that would give interest-free loans to Nigerians for higher education.

Meanwhile, Tinubu said the programme would begin in January 2024, after missing the October 2023 deadline.

Also commenting, the National President, Academic Staff Union of Universities, Professor Emmanuel Osodeke, advised the FG to convert the loan to scholarships, grants, or bursaries, saying there were no jobs in Nigeria for quick repayment. 

On the contrary, the Executive Secretary of the Tertiary Education Trust Fund, Sonny Echono assured that the launch of the loan scheme had only been postponed for a couple of weeks and not indefinitely.

Echono said the delay in the launch was only to make sure that there were no complications in the proper implementation of the scheme, adding that they wanted to ensure the scheme was up to standard.

Echono’s clarification followed the announcement by the Executive Secretary of the Nigerian Education Loan Fund, Akintunde Sawyer who said that the unveiling of the scheme had been suspended indefinitely.