President Bola Tinubu, on Wednesday, enacted the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, into law, marking a significant stride towards inclusive education in Nigeria.
The bill underwent thorough considerations by both the Senate and the House of Representatives, following which it received the President’s signature at the State House, Abuja. President Tinubu emphasized the government’s commitment to ensuring that every Nigerian, irrespective of their socioeconomic background, has access to quality education.
In a statement, President Tinubu expressed gratitude to the National Assembly for their prompt handling of the legislation, underscoring the importance of education in combating poverty effectively. He reiterated the administration’s determination to enhance the skill levels of Nigerians, emphasizing the significance of education and skills development in nation-building.
The bill, 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,” establishes the Nigerian Education Loan Fund as a body corporate responsible for managing and investing funds to provide loans for higher education, vocational training, and skills acquisition.
President Tinubu’s action follows his previous enactment of the Access to Higher Education Act, 2023, which aimed to provide interest-free loans to indigent students pursuing tertiary education in Nigeria. The President’s decision to expand the scheme to include vocational skills loans reflects his commitment to accommodating diverse educational aspirations among Nigerian youth.
Acknowledging the varied talents and aspirations of Nigerian youth, President Tinubu emphasized the importance of skill acquisition alongside traditional academic qualifications. He directed the Nigerian Education Loan Fund to explore opportunities for skill development programs, recognizing the crucial role of skilled labor in national development.
President Tinubu’s proactive approach to education funding underscores his dedication to inclusive and holistic educational reforms, aligning with his vision to empower Nigerian youth with the tools they need to succeed in diverse fields and contribute meaningfully to the nation’s progress.
