President Bola Tinubu has signed the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, into law to proclaim its effective takeoff.
Speaking after the ceremony at the Presidential Villa, Abuja, on Wednesday, he noted that education is a tool needed by Nigerians to fight poverty.
He stressed his administration’s commitment to ensure that education is given the proper attention necessary for the development of the country.
Thanking members of the national assembly for the expeditious consideration they gave to it, the president said, “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.
“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 dropped out of colleges and given 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.”
President Tinubu had on 12th June 2023 signed the Student Loan (Access to Higher Education) Act 2023 into law but the implementation was hampered by problems with some provisions of the Act.
On 14th March 2024 he, therefore, proposed amendments to the Student Loans (Access to Higher Education) (Repeal and Re-Enactment) Bill 2024.
The Act established the Nigerian Education Loan Fund (NELFUND) to supervise, coordinate, administer, and monitor the management of student loans in the country.
The administration of the fund was vested in a Special Committee, with the Governor of the Central Bank of Nigeria (CBN) as the chairman.
The federal government had taken action to implement the legislation, including providing over N200 billion to the fund through appropriations and presidential directives.
Credit: Nigerian Tribune