President Tinubu Signs Student Loan Amendment Bill into Law

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President Tinubu Signs Amendment Bill into Law

President Bola Tinubu has officially given his stamp of approval by signing the amendment bill for National Student Loans into law.

The signing ceremony took place at the Aso Rock Presidential Villa on Wednesday, April 3, 2024, marking a significant milestone in Nigeria’s education sector.

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The bill, titled the Student Loan Access to Higher Education Act (Repeal and Re-Enactment) Bill, 2024, was passed by the Senate in March 2024, following thorough deliberations and considerations of the report presented by the Senate Committee on Tertiary Institutions and Tertiary Education Trust Fund (TETFund), chaired by Senator Muntari Dandutse (APC, Katsina South).

Previously, the bill had undergone the second reading stage in both the Senate and the House of Representatives, signaling broad support for its objectives.

President Tinubu’s decision to sign the amendment bill into law followed his request to the Senate and the House of Representatives for the repeal of the existing Student Loan (Access to Higher Education) Bill and the enactment of a new one.

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The newly enacted law aims to bolster the implementation of the Higher Education Student Loan Scheme by addressing various challenges related to the management structure of the Nigerian Education Loan Fund (NELF), applicant eligibility requirements, loan purpose, funding sources, disbursement, and repayment procedures.

Notably, President Tinubu’s action comes on the heels of the temporary suspension of the commencement of the student loan scheme. The law is poised to provide Nigerian students in tertiary institutions with access to low-interest loans to cover tuition and other academic needs.

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The signing of the Student Loan Amendment Bill into law underscores President Tinubu’s commitment to enhancing access to quality education and supporting the aspirations of Nigerian students to pursue higher learning opportunities.

 

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