By Akinsuroju Olubunmi
Tinubu signs student loan amendment bill into law
President Bola Tinubu has officially signed the Student Loan Appropriation into law, expressing gratitude to the National Assembly for their swift handling of the bill.
In his remarks after signing the bill at the Presidential Villa, President Tinubu emphasized his administration’s commitment to prioritizing education and skills development programs to combat poverty effectively.
He stated, “Education is the key tool in the fight against poverty. We are determined to ensure that every Nigerian, regardless of their background, has access to quality education and the opportunity to build their future.”
The student loan scheme, initially scheduled to take effect last year, encountered several obstacles along the way. However, in March, President Tinubu forwarded the Bill to the National Assembly for review and passage.
Addressing the challenges with the previous Act and seeking to enhance the implementation of the scheme, President Tinubu requested a fresh enactment in his letter to parliament.
The National Assembly swiftly responded by expediting the hearing process, suspending relevant sections of its standing rules, and referring the Bill to the Committee of the Whole for consideration.
On March 20, the Senate passed the bill following the review of the report submitted by the Senate Committee on Tertiary Institutions and TETFUND.
Under the Student Loan Fund, interest-free loans will be provided to eligible Nigerians pursuing higher education. However, concerns have been raised by stakeholders regarding eligibility requirements, funding sources, disbursement, and repayment procedures, among other issues.
Tinubu signs, student loan, National Assembly, education, skills development.