After long back and forth over the student loan between the executive and the legislature, President Bola Tinubu has finally signed the Bill into law on yesterday Wednesday 3rd April, 2023 in Abuja. Accordingly, the students’ loan is part of the president Tinubu campaign promise for the Nigerian student and it is part of the implementation to have Access to Higher Education Act, 2023. The Act, popularly known as the Students Loan Bill seeks to provide loans for indigent Nigerian students to pay fees in Nigerian tertiary institutions.
While signing the Bill, Tinubu applauded the joint efforts by the National Assembly members for the swift handling of the bill.
The president disclosed that by this action of this government, it has proved how his administration has given priority towards encouraging education among Nigerian youths as a tool to fighting poverty.
He said, “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.
Tinubu added, “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 assured that the loan would guarantee that the standard and control of the scheme are applied without discrimination against all Nigerian citizens.
The act establishes the Nigerian Education Loan Fund, NELFUND, which is expected to handle all loan requests, grants, disbursement and recovery of the loans provided.
Accordingly, NELFUND, 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 mineral sources.
It also includes one per cent of taxes, levies and duties accruing to the federal government from the Federal Inland Revenue Service (FIRS), Nigeria Immigration Service (NIS) and Nigerian Customs Service (NCS); education bonds and education endowment fund schemes.
Donations, gifts, grants, endowment and revenue accruing to the fund from any other source, according to the Act will also form part of the funding.
NAN
