Finally, Tinubu Signs the Student Loan Bill into Law, Says It Will Be Accessed By All Students
President Bola Tinubu has finally signed the long awaited student loan amendment bill 2024 into Law.
With the new law, Tinubu said no Nigerian child, no matter how poor his or her background is, would be excluded from quality education, and opportunity to build their future.
Tinubu signed the bill on Wednesday at a brief ceremony at the Presidential Villa Abuja, after its passage by the National Assembly.
According to the President, many Nigerian children have been dropping out of universities, thereby giving up the opportunity to build their future.
He adds that the bill would also provide for Nigerian children opting for skills development programs.
The President thanked the National Assembly for fast racking the passage of the Bill, to kick start the implementation of the loan to students.
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The new Bill has eliminated the income-based eligibility criterion in the 2023 Bill which required an annual income of less than N500,000 for applicants or their families.
The amended Bill also allow students from federal or state-established tertiary institutions and government approved vocational institutions to apply.
Also, unlike the 2023 act, which limited loan applications solely to tuition fees, the new bill permits applicants to request loans to cover various institutional charges and maintenance allowances.
Tinubu based his decision on the need for the scheme to accommodate those who may not want to pursue a university education, noting that skill acquisition is as essential as obtaining undergraduate and graduate academic qualifications.
This is not an exclusive programme. It is catering to all of our young people. Young Nigerians are gifted in different areas.
This is not only for those who want to be doctors, lawyers, and accountants. It is also for those who aspire to use their skilled and trained hands to build our nation.
In accordance with this, I have instructed NELFUND to explore all opportunities to inculcate skill-development programmes because not everybody wants to go through a full university education, he had said.
