Tinubu Signs Students Loan Bill into Law
President Bola Tinubu signed the Students Loan Bill into law on Wednesday in Abuja. Students’ loan is part of the implementation of the Access to Higher Education Act, 2023. The bill seeks to provide loans for indigent Nigerian students to pay fees in Nigerian tertiary institutions.
At the signing, Tinubu commended the efforts of the members of the National Assembly for the expeditious handling of the bill. He said that this action showed the administration’s priority towards encouraging education among Nigerian youths as a tool to fighting poverty.
“We are determined to ensure that education is given the proper attention necessary for the country including skills development programmes. This is to guarantee that everyone, regardless of their financial situation, has access to high-quality education and opportunities to shape their future.
“We are here because we are all educated and we are helped. In the past, we have seen a lot of our children dropped out of colleges and given up the opportunity,” he said. Tinubu said that the loan would ensure that the standard and control of the scheme are applied without discrimination against a Nigerian citizen.
The act establishes the Nigerian Education Loan Fund which is expected to handle all loan requests, grants, disbursementsand recovery of the loans provided. The act establishes the Nigerian Education Loan Fund (NELFUND), which is expected to handle all loan requests, grants, disbursement and recovery of the loans provided.
NELFUND, according to the Act, is to be funded from multiple streams and will engage in other productive activities. According to the Act, it must receive one percent of all proceeds from the sale of minerals, such as oil, that go to the federal government.
It also include one per cent of taxes, levies and duties accruing to the federal government from the Federal Inland Revenue Service (FIRS), Nigeria Immigration Service (NIS) and Nigerian Customs Service (NCS); education bonds and education endowment fund schemes.
The Loan will also be funded through donations, gifts, grants, endowment and revenue accruing to the fund from any other source, according to the Act. #Tinubu Signs Students Loan Bill into Law Naira Steadies as Banks Issue Update on FX Purchase
