The Bola Tinubu-led Federal Government has announced the indefinite postponement of the launch of the Student Loan Scheme.

The Executive Secretary of the Nigerian Education Loan Fund (NELFUND), Akintunde Sawyer, disclosed this development on Tuesday, March 12.

Speaking during an interview on Arise News, he emphasized the importance of ensuring that all stakeholders are aligned before rolling out the scheme comprehensively and sustainably.

He said: “Unfortunately, I won’t be able to commit to a specific date. We are sort of waiting to ensure that all the stakeholders are aligned to make sure that nobody is blindsided, then we can actually roll this out in a meaningful, comprehensive, wholesome and sustainable way.

“One thing that I will commit to is that this is a well-intended project. The president, President Bola Ahmed Tinubu means well around this and absolutely wants this rolled out as fast as possible, and we’re working very hard to help realise that.”

Sawyer’s comments come hours after President Bola Tinubu said the reason for the delay of the scheme, which ought to have commenced, was that it is being worked on and fine-tuned.

Tinubu stated this on Monday at the flag-off of the Agric Mechanisation Revolution for Food Security in Minna, the Niger State capital.

Recall that President Tinubu had on June 12, 2023, signed into law the Access to Higher Education Act, 2023, marking a significant step forward in the provision of interest-free loans for underprivileged students in Nigerian tertiary institutions.

The Student Loan Scheme, aimed at providing interest-free loans to underprivileged students in Nigerian tertiary institutions, was initially scheduled to commence in September last year but was postponed to January 2024.

However, the launch date was subsequently rescheduled for March 1, 2024, before being postponed indefinitely.