President Bola Tinubu
President Bola Tinubu, on Wednesday, officially enacted the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024. The bill had undergone thorough consideration by both the Senate and the House of Representatives, based on the report of the Committee on Tertiary Institutions and TETFund.
In his remarks after signing the bill, Tinubu emphasized the commitment to ensure that every Nigerian, irrespective of background, has access to quality education. The executive bill, titled “A Bill for an Act to repeal the Students Loans (Access to Higher Education) Act, 2023 and Enact the Student Loans (Access to Higher Education) Bill, 2004,” establishes the Nigerian Education Loan Fund as a body corporate. This fund is tasked with receiving, managing, and investing funds to provide loans for higher education, vocational training, and skills acquisition.
The signing ceremony took place in the presence of the National Assembly leadership, Ministers, and key stakeholders in education. Tinubu expressed gratitude to the National Assembly for their prompt handling of the legislation, highlighting the administration’s determination to enhance the skill levels of Nigerians.
He stressed the significance of education in poverty alleviation and emphasized the government’s commitment to prioritizing education and skills development programs. Tinubu emphasized the inclusivity of the scheme, ensuring that no Nigerian is excluded from quality education opportunities, regardless of their socioeconomic status.
The enactment of this bill follows Tinubu’s signing of the Access to Higher Education Act, 2023, which aimed to provide interest-free loans to indigent students pursuing tertiary education. The delay in launching the scheme was attributed to Tinubu’s directive to expand it to include vocational skills loans, demonstrating a commitment to accommodating diverse career aspirations among Nigerian youth.
Tinubu’s decision reflects a recognition of the importance of skill acquisition alongside formal education, catering to the varied talents and aspirations of Nigerian youth. The President’s directive underscores the government’s commitment to providing holistic support for educational and vocational development, empowering young Nigerians to contribute effectively to nation-building.
