Alas, Nigerian students have been given a reason to smile. President Bola Tinubu, on Wednesday put his hands to paper and signed the National Student Loan Re-enactment bill into law.
Since the initiation of the idea, there have been many controversies and questions surrounding the student loan.
However, one cannot underestimate the many advantages that accompanies it, not to mention the burden it will lift off the shoulders of many students and parents alike.
Former President Olusegun Obasanjo had made it clear that ‘education is not for the poor’.
Well, as true as this may seem, President Tinubu with this student loan is set to give Nigerian students a glimpse of his Renewed Hope.
It was at the Council Chambers of the Presidential Villa in Abuja that the president signed the bill into law.
The leadership from the National Assembly, ministers, and major education stakeholders were fully present to witness the signing.
Executive Bill
The new legislation repeals the previous Students Loans (Access to Higher Education) Act of 2023.
It re-enacts the Student Loans (Access to Higher Education) Bill from 2004.
The executive bill establishes the Nigerian Education Loan Fund as a corporate body.
It is tasked with receiving, managing and investing funds to provide loans to Nigerians pursuing higher education, vocational training and skills acquisition programs.
Read Tinubu’s speech at the signing of the bill:
“We have just signed the bill proclaiming the student loan effective.
“First of all, I must thank the members of the National Assembly for their expeditious handling of this bill.
“Considering the children of Nigeria that education is the tool to fight against poverty effectively.
Education For The Poor
“We are determined to ensure education is given the proper attention necessary for the country, including skill-development programmes.
“This is to ensure that no one no matter how poor their background is, is excluded from quality education and opportunity to build their future.
“We are here because we are all educated, and we are helped.
In the past we’ve seen a lot of our children drop out of colleges and given up the opportunity.
“That is no more! The standard and the control is there for you to apply no matter who you are as lang as you are a Nigerian citizen.”
Lasting Solution
“A lot has been said about this Tinubu’s student loan.
Also Read: See When Tinubu Will Launch Students Loan Scheme
“To many, it is nothing but one of the numerous machineries put in place by the government to scam Nigerians.
“The Academic Staff Union of Universities (ASUU) has bombarded the president with numerous questions regarding this loan.
“In the midst of all this, one thing remains to be seen, will this student loan be the lasting solution to the problem facing the country’s educational sector?
“If no, will it even pave way for that solution? Or will it leave Nigerians in more debt?
“Time will surely tell.”
