Tinubu Assents To Students Loan Bill
President Bola Tinubu, on Wednesday, ratified the Student Loan Bill in Abuja. The student loan initiative is a component of the execution of the Access to Higher Education Act, 2023.
The legislation, commonly referred to as the Students Loan Bill, aims to offer loans to financially disadvantaged Nigerian students to cover expenses at tertiary institutions within Nigeria.
During the signing ceremony, Tinubu praised the National Assembly members for their prompt 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 ensure that no one, no matter how poor their background, is excluded from quality education and opportunity to build 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, disbursement and 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.
Its sources of funding as dictated by the Act include; one per cent of all profits accruing to the federal government from oil and other minerals.
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.
