President Tinubu Signs Student Loan Bill Into Law

President Bola Tinubu, on Wednesday, signed the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, into law.

The development follows reviews of the report of the Committee on Tertiary Institutions and TETFund by both the Senate and the House of Representatives.

The signing of the bill by the president came after the announcement of a temporary suspension of the commencement of the student loan scheme.

The law will allow Nigerian students in tertiary institutions to access low-interest loans for tuition and other academic needs.

Signing the bill at the State House, Abuja, the president said no one would be excluded from quality education and opportunity to build their future regardless of their background.

The executive bill is 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 to Establish the Nigerian Education Loan Fund as a body corporate to receive, manage and invest funds to provide loans to Nigerians for higher education, vocational training and skills acquisition and for related matters was signed at the State House in the Presence of the leadership of the National Assembly, Ministers and Major Stakeholders of Education”.

“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,” Tinubu said.

are determined to ensure that education is given the proper attention necessary for the country including skills development programmes.