Again, Tinubu Signs Student Loan Bill Into Law

In a major move to democratise access to higher education in Nigeria, President Bola Tinubu has signed the new Student Loans (Access to Higher Education) (Repeal and Re-enactment) Bill 2024 into law.

This significant piece of legislation aims to remove financial barriers that have long hindered countless Nigerians from pursuing quality education at the tertiary level.

It would be recalled that the Student Loan (Access to Higher Education) Act 2023 was signed into law by President Bola Tinubu on 12th June, 2023, with the Act establishing the Nigerian Education Loan Fund (NELFUND) to supervise, coordinate, administer and monitor the management of student loans in Nigeria.

The administration of the Fund was vested in a special committee, with the governor of the Central Bank of Nigeria (CBN) as the chairman. The governor implements the committee’s executive decisions and appoints a secretary to assist.

However, due to a number of challenges identified with the Student Loan (Access to Higher Education) Act 2023, the Students Loans (Access to Higher Education) (Repeal and Re-Enactment) Bill 2024 was proposed to resolve the identified challenges.

The signing ceremony, held at the President’s office, underscored Tinubu’s firm belief that education remains the primary tool to effectively combat poverty and drive socioeconomic progress in the nation