Student loan suspended for weeks, not indefinitely — FG

Cursory: Sonny Echono clarified that the student loan scheme delay is temporary, not indefinite. Echono assured it would accommodate various students and commence in a few weeks. The scheme, initiated by President Bola Tinubu in June 2023, aims to provide interest-free loans for higher education and is set to launch soon despite previous delays.

The Executive Secretary of the Tertiary Education Trust Fund (TETFund), Sonny Echono, has clarified that the launch of the student loan scheme has only been delayed for a few weeks and not indefinitely.

He made this statement during a courtesy visit by the governor of Kwara state to the TETFund headquarters in Abuja. Echono explained that the delay is to ensure that there are no complications in implementing the scheme and to ensure its adherence to standards.

This clarification follows an announcement by the Executive Secretary of the Nigerian Education Loan Fund, Akintunde Sawyer, stating that the scheme’s launch had been suspended indefinitely due to necessary corrections being made.

“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,” he said.

However, Echono emphasized that the delay is temporary and that the president has made arrangements for the launch. He assured that the scheme will accommodate a wide range of students, including those pursuing vocational studies, and will commence in the next few weeks.

“The loan has not been postponed indefinitely, there’s just a little housekeeping that needs to be done, the president has arrangements in place for the launch.

“We are discussing a matter of days, maximum weeks for it to take off. The president is very committed to this, and I can assure you that this is going to be done in the best way.

“We don’t want to hurriedly launch the programme, and there are objections, and it isn’t sustained.

“We’re making sure that the loan can accommodate as many that need it. Even for people with skills, it’s going to be a game changer. We’re working hand in hand with JAMB, we know when admissions will commence, so we are not far behind.

“In the next couple of weeks, the scheme will take off, and it will accommodate everyone, even students of vocational studies.”

Additionally, Echono addressed concerns about insecurity in tertiary institutions, stating that the federal government is actively addressing these issues.

Governor Abdulrahman Abdulrasaq of Kwara State commended TETFund for its support to universities in the state, highlighting the significant impact on educational infrastructure.

The student loan scheme, initiated by President Bola Tinubu in June 2023, aims to provide interest-free loans for higher education. Despite missing previous deadlines, preparations for the program, including the development of the Student Loan Scheme website and plans for implementation, have been completed. Tinubu has expressed that the program will commence once additional features, such as vocational studies, are integrated.

Credits: ALLSCHOOL, PUNCH

Read Also: FG Postpones Students Loan Indefinitely

ALLSCHOOL TEAM