President Bola Ahmed Tinubu on Wednesday signed the amended Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024 into law at the State House, 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 aims to Establish the Nigerian Education Loan Fund.
The fund will serve as a body to receive, manage and invest funds to provide loans to Nigerians for higher education, vocational training and skills acquisition and related matters.
Tinubu signed the bill in the presence of the leadership of the National Assembly, Ministers and major stakeholders in the education sector.
“I have just signed a bill proclaiming the student loan effectively. First of all, I must thank members of the National Assembly for their expeditious handling of this bill considering the children of Nigeria, that education is the tool to fight against poverty effectively,” Tinubu said.
“We are determined to ensure that education is given the proper attention necessary for the country including skills development programmes.
“This is to ensure that no one, no matter how poor their background is, is excluded from quality education and opportunity to build their future.
“We are here because we are all educated and were helped. In the past, we have seen a lot of our children drop out of college and give up the opportunity.
“That is no more, the standard and the control is there for you to apply no matter who you are as long as you are a Nigerian citizen.”
The scheme was slated to commence between September and October 2023 before a revised timeline to January and now to March 2024.
