President Bola Tinubu has signed the Student Loan Appropriation into law, while thanking the members of the National Assembly for their expeditious handling of the bill.
Speaking after signing the bill at the Presidential Villa, the President said his administration is determined to ensure that education is given its pride of place and the attention necessary including skills development programmes.
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.”
The loan, which was supposed to have taken effect last year, had suffered different setbacks.
But in March, Tinubu transmitted the Bill to the National Assembly for consideration and passage.
In his letter to parliament, Tinubu requested a fresh enactment to address some challenges with the earlier Act and to enhance the implementation of the scheme by his administration.
The lawmakers had given the Bill accelerated hearing by suspending relevant sections of its standing rules and referred the Bill to the Committee of the Whole for consideration.
On March 20, the senate passed the bill following consideration of the report of the Senate Committee on Tertiary Institutions and TETFUND that considered the Bill.
Under the Students Loan Fund, interest-free loans would be given to eligible Nigerians for higher education.
Stakeholders have raised issues around the Students Loans scheme, especially as it has to do with eligibility requirements, funding sources, disbursement and repayment procedures, among others.