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President Bola Tinubu has endorsed the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, officially initiating its implementation.
Addressing attendees at the Presidential Villa in Abuja on Wednesday, he emphasized the significance of education in combating poverty for Nigerians.
Tinubu reiterated his administration’s dedication to prioritizing education for the nation’s advancement.
Expressing gratitude to the members of the National Assembly for their swift deliberation, the president remarked, “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 initially signed the Student Loan (Access to Higher Education) Act 2023 into law on June 12, 2023.
However, challenges with certain provisions of the Act hindered its implementation.
Consequently, on March 14, 2024, he 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 oversee, coordinate, administer, and monitor student loans nationwide.
A Special Committee, chaired by the Governor of the Central Bank of Nigeria (CBN), was entrusted with the administration of the fund.
The federal government demonstrated its commitment to implementing the legislation by allocating over N200 billion to the fund through appropriations and presidential directives.
