The Executive Secretary of the Tertiary Education Trust Fund, Sonny Echono, has clarified that the launch of the student loan scheme has only been postponed for a few weeks and not indefinitely.
Echono made this assurance during a courtesy visit by the governor of Kwara state to the TETFUND headquarters in Abuja.
He explained that the delay in the launch is aimed at ensuring a smooth implementation of the scheme and to guarantee that it meets the required standards.
Echono’s statement came in response to the announcement by the Executive Secretary of the Nigerian Education Loan Fund, Akintunde Sawyer, who stated that the launch of the scheme had been suspended indefinitely due to necessary corrections being made.
However, Echono emphasized that the postponement is temporary and that the president has made arrangements for the launch.
He stated, “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.”
On the issue of insecurity in tertiary institutions, Echono reassured that the Federal Government is working tirelessly to address all security challenges, and that security problems will soon be resolved.
Governor Abdulrahman Abdulrasaq of Kwara State commended TETFund for its intervention funds to universities in the state, citing the establishment of the best university library in West Africa as an example.
The student loan scheme, initially proposed by former Speaker of the House of Representatives, Femi Gbajabiamila, and signed into law by President Bola Tinubu in June 2023, was expected to commence between September and October 2023. However, due to delays, the program is now set to begin in January 2024, with preparations already completed according to Minister of State for Education, Yusuf Sununu. Tinubu also mentioned plans to incorporate vocational studies into the program before its launch.
