President Bola Tinubu has signed the new Student Loans (Access to Higher Education) (Repeal and Re-enactment) Bill 2024 into law.
This significant piece of legislation aims to remove financial barriers that have long hindered countless Nigerians from pursuing quality education at the tertiary level.
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 governor implements the committee’s executive decisions and appoints a secretary to assist.
However, due to a number of challenges identified with the Student Loan (Access to Higher Education) Act 2023, the Students Loans (Access to Higher Education) (Repeal and Re-Enactment) Bill 2024 was proposed to resolve the identified challenges.
The signing ceremony, held at the President’s office, underscored Tinubu’s firm belief that education remains the primary tool to effectively combat poverty and drive socioeconomic progress in the nation.
The president asserted that no longer will Nigerian students be denied opportunities due to their economic circumstances.
The new law replaces the previous Student Loan (Access to Higher Education) Act 2023, addressing challenges identified in its implementation.
President Tinubu acknowledged the vital role played by the National Assembly in expeditiously handling the bill, recognising the urgency of providing equal educational opportunities to Nigeria’s youth.
He 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 drop 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.”
Recall that the Student Loan (Access to Higher Education) Act 2023 was signed into law by President Bola Tinubu on 12th June, 2023, with the Act establishing the Nigerian Education Loan Fund (NELFUND) to supervise, coordinate, administer and monitor the management of student loans in Nigeria.
