Tinubu signs Students Loan Bill into law
President Bola Tinubu has signed the Students Loan Bill into law on Wednesday in Abuja.
The students loan is part of the Access to Higher Education Act, 2023 that seeks to provide loans for indigent Nigerian students studying in Nigerian tertiary institutions.
At the signing, Tinubu commended the efforts of the members of the National Assembly for the expeditious handling of the bill.
“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 any Nigerian citizen.
The act establishes the Nigerian Education Loan Fund which is expected to handle all loan requests, grants, disbursement and recovery.
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, Nigeria Immigration Service and Nigerian Customs Service, as well as education bonds and education endowments.
The Loan will also be funded through donations, gifts, grants, endowment and revenue from other sources.
