The Executive Secretary of the Tertiary Education Trust Fund, Sonny Echono, underlines that the student loan scheme’s kick-off is only temporarily delayed for a few weeks, as it aimed to ensure transparency about the specific timeframe.
This statement was delivered during a courtesy visit by the governor of Kwara state at the TETFUND headquarters in Abuja.
The rationale behind Echono’s statement is to stress that the delay in the launch is aimed at preventing complications in the proper execution of the scheme, ensuring it meets the highest standards.
Echono provided clarification in the wake of the announcement by Akintunde Sawyer, the Executive Secretary of the Nigerian Education Loan Fund, who declared the indefinite suspension of the scheme’s launch.
Speaking with Arise News Channel in an interview, Sawyer explained that the postponement of the loan scheme was a result of ongoing corrections being made in preparation for the launch.
“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, speaking in Abuja, Echono said, “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.
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“In the next couple of weeks, the scheme will take off, and it will accommodate everyone, even students of vocational studies.”
Speaking also on the issues of insecurity in tertiary institutions, the EVS also said the Federal Government is working tirelessly to tackle all issues of insecurity, and all security problems will soon be a thing of the past.
Speaking, Abdulrahman Abdulrasaq, the governor of Kwara State, applauded TETFund for its intervention funds to universities in the state.
“In Kwara, we have the best university library in West Africa, with an amazing structure, this is all thanks to TETFund.”
In June 2023, President Bola Tinubu signed a bill to start a Students Loan Fund that would give interest-free loans to Nigerians for higher education.
The bill proposing the initiative was put forth by former Speaker of the House of Representatives, Femi Gbajabiamila, with the intended commencement set for the period between September and October 2023.
Tinubu, however, announced that the program’s launch, originally slated for October, is now rescheduled to commence in January 2024.
During a meeting in January, Yusuf Sununu, the Minister of State for Education, declared that preparations for the program were completed, encompassing the creation of the Student Loan Scheme website and strategic planning for the program’s launch.
Tinubu informed leaders of the National Association of Nigerian Students that the program’s initiation awaited the integration of additional features, with a focus on incorporating vocational studies.