President Bola Tinubu has signed the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, into law, marking a significant development after earlier delays. The bill, which aims to provide interest-free loans for higher education, vocational training, and skills acquisition, underscores the government’s commitment to ensuring quality education for all Nigerians.
The postponements in the scheme’s launch were due to the need for corrections and alignment of stakeholders. However, with the bill now signed into law, the Nigerian Education Loan Fund will be established as a body corporate to manage and invest funds for education loans.
President Tinubu emphasized that this legislation is crucial to ensuring that no Nigerian, regardless of their background, is excluded from quality education. He thanked the National Assembly for their swift consideration of the bill, highlighting the government’s determination to increase the skill levels of Nigerians.
This development builds on President Tinubu’s earlier efforts to liberalize funding for education, as seen in the Access to Higher Education Act, 2023, which enabled indigent students to access interest-free loans for their educational pursuits.
The signing of the Student Loans Bill into law marks a significant step forward in empowering Nigerian students to pursue their educational aspirations and contribute to the nation’s development.
