JUST-IN: Tinubu Signs National Students Loan Amendment Bill Into Law

• Tinubu’s action came after the announcement of a temporary suspension of the commencement of the student loan scheme.
• The law was put in place to allow Nigerian students in tertiary institutions to access low-interest loans for tuition and other academic needs. 

President Bola Tinubu has officially approved and signed the amendment bill for National Student Loans into law.

WITHIN NIGERIA understands that the president signed the bill into law on Wednesday at the Council Chambers of the Presidential Villa in Abuja.

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, 2004 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 development followed the consideration and adoption of a report of the Senate Committee on Tertiary Institutions and Tertiary Education Trust Fund (TETFund), presented by the chairman of the committee, Senator Muntari Dandutse (APC, Katsina South) at plenary.

Recall that the bill second reading stage in both the Senate and House of Representatives prior.

Tinubu had written to the Senate and the House of Representatives, seeking the repeal of the Student Loan (Access to Higher Education) Bill, and to enact a new one.

The new Act is expected to enhance the implementation of the Higher Education Student Loan Scheme, by addressing challenges related to the management structure of the Nigerian Education Loan Fund (NELF), applicant eligibility requirements, loan purpose, funding sources, disbursement and repayment procedures.

Tinubu’s action came after the announcement of a temporary suspension of the commencement of the student loan scheme.

The law was put in place to allow Nigerian students in tertiary institutions to access low-interest loans for tuition and other academic needs.

This is a developing story….