President Bola Tinubu has officially approved and signed the amendment bill for National Student Loans into law.
The president signed the bill into law on Wednesday at the Council Chambers of the Presidential Villa in Abuja.
The executive bill titled “A Bill for an Act to repeal the Students Loans (Access to Higher Education) Act, 2023 and Enact the Student Loans (Access to Higher Education) Bill, 2004 to Establish the Nigerian Education Loan Fund as a body corporate to receive, manage and invest funds to provide loans to Nigerians for higher education, vocational training and skills acquisition and for related matters was signed at the State House in the Presence of the leadership of the National Assembly, Ministers and Major Stakeholders of Education.
The development followed the consideration and adoption of a report of the Senate Committee on Tertiary Institutions and Tertiary Education Trust Fund (TETFund), presented by the chairman of the committee, Senator Muntari Dandutse (APC, Katsina South) at plenary.
The essence of the National Student Loan Amendment Bill is to enable Nigerian students enrolled in tertiary institutions to access low-interest loans tailored to meet their tuition and other academic needs. Education is widely recognized as a cornerstone of socioeconomic development, and ensuring its affordability and accessibility is paramount for building a skilled workforce and driving innovation and progress.
By signing this bill into law, President Tinubu has demonstrated a steadfast dedication to empowering Nigerian youth and investing in the future of the nation. Access to higher education has the transformative power to break the cycle of poverty, unlock individual potential, and drive inclusive growth and development across all sectors of society.
The provision of low-interest loans for students addresses the financial barriers that often hinder access to quality education. Many talented and deserving students are unable to pursue higher education due to financial constraints, perpetuating inequality and limiting socioeconomic mobility. The student loan scheme serves as a catalyst for bridging this gap and ensuring that every Nigerian has the opportunity to fulfill their academic aspirations.
As Nigerian students prepare to benefit from the opportunities afforded by the National Student Loan Amendment Bill, it is imperative to recognize the collective responsibility shared by government, educational institutions, civil society, and the private sector in realizing its full potential. Collaboration and partnership are essential for ensuring the success and sustainability of the student loan scheme and for nurturing a culture of lifelong learning and academic excellence.
Recall that the bill second reading stage in both the Senate and House of Representatives prior.
Tinubu had written to the Senate and the House of Representatives, seeking the repeal of the Student Loan (Access to Higher Education) Bill, and to enact a new one.
The new Act is expected to enhance the implementation of the Higher Education Student Loan Scheme, by addressing challenges related to the management structure of the Nigerian Education Loan Fund (NELF), applicant eligibility requirements, loan purpose, funding sources, disbursement and repayment procedures.
Tinubu’s action came after the announcement of a temporary suspension of the commencement of the student loan scheme.
The law was put in place to allow Nigerian students in tertiary institutions to access low-interest loans for tuition and other academic needs.
This is a developing story….
