President Bola Tinubu signed the student loans re-enactment bill into law on Wednesday, affirming the government’s commitment to facilitating access to education for Nigerian students.
The signing ceremony at the State House in Abuja followed the announcement of a temporary suspension of the commencement of the student loan scheme.
The executive bill-turned-law, 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”, will enable Nigerian students in tertiary institutions to access low-interest loans to cover tuition fees and other academic expenses.
President Tinubu emphasized that quality education should be accessible to all, regardless of their background, ensuring that no one is excluded from the opportunity to build their future.
“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 move signals a significant step towards addressing financial barriers to education and empowering students to pursue their academic aspirations. With the implementation of the student loan scheme, the government aims to support students in achieving their educational goals while fostering national development and progress.
Ozioma Samuel-Ugwuezi
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