President Bola Tinubu has officially signed the National Student Loan Re-enactment bill into law, marking a significant milestone in his administration’s efforts to enhance access to higher education in Nigeria.
The signing ceremony took place on Wednesday at the Council Chambers of the Presidential Villa in Abuja, with the presence of key figures from the National Assembly, ministers, and prominent education stakeholders.
The newly enacted legislation repeals the previous Students Loans (Access to Higher Education) Act of 2023 and reintroduces the Student Loans (Access to Higher Education) Bill from 2004.
This executive bill establishes the Nigerian Education Loan Fund as a corporate entity entrusted with the responsibility of receiving, managing, and investing funds to provide loans to Nigerian students pursuing higher education, vocational training, and skills acquisition programs.
President Tinubu’s commitment to enhancing educational opportunities was evident in his Renewed Hope manifesto, where he pledged to institute a student loan program modeled after the successful initiative implemented by the Kaduna State government in 2018.
In line with this promise, shortly after assuming office, President Tinubu endorsed the Students Loan bill, which was initially sponsored by then-House Speaker, Femi Gbajabiamila. The Access to Higher Education Act, signed into law on June 12, 2023, aimed to facilitate access to interest-free loans for indigent students pursuing education in public Nigerian tertiary institutions.
Under the provisions of the National Student Loan Re-enactment bill, the Nigerian Education Loan Fund will be domiciled in the Central Bank of Nigeria and administered through an 11-member Special Steering Committee chaired by the CBN Governor.
This committee, comprising representatives from key agencies such as FIRS, the Federal Ministry of Education, and NUC, among others, was constituted last year and convened its inaugural meeting on February 19, 2023.
