President Bola Tinubu has officially ratified the Student Loans Amendment Bill.
This was disclosed by the Special Assistant to the President on Social Media, Dada Olusegun on Wednesday
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“President Bola Ahmed Tinubu has signed the Student Loans Re-enactment Bill into law at the State House.”
“The executive 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, 2024 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.”
The loan, which was supposed to have taken effect last year, had suffered different setbacks.
But in March, Tinubu transmitted the Bill to the National Assembly for consideration and passage.
In his letter to parliament, Tinubu requested a fresh enactment to address some challenges with the earlier Act and to enhance the implementation of the scheme by his administration.
The lawmakers had given the Bill accelerated hearing by suspending relevant sections of its standing rules and referred the Bill to the Committee of the Whole for consideration.
On March 20, the Senate passed the bill following consideration of the report of the Senate Committee on Tertiary Institutions and TETFUND that considered the Bill.
Under the Students Loan Fund, eligible Nigerians would receive interest-free loans for higher education.
Stakeholders have raised issues around the student loans scheme, especially as it has to do with eligibility requirements, funding sources, disbursement, and repayment procedures, among others.
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