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Just Few Hours after President Tinubu Signed The National Students Loan Amendment Bill Into Law, He has once again ensured Nigerians that no Nigeria student will drop out of school ever again
In his words: No student will drop out of university over inability to pay tuition fees, President Ahmed Bola Tinubu said. He spoke after signing the Student Loans (Access to Higher Education) (Repeal and Re-enactment) Bill 2024 into law.
The President said the new law was passed to ensure that no citizens will miss out on quality education, or right to school on account of poverty or lack of opportunity. He said: “I have just signed a bill proclaiming the student loan effective from the 3rd day of April 2024.
“First of all, I must thank members of the National Assembly for their expeditious handling of this bill, considering that education is the tool to fight against poverty.
“We are determined to ensure that education is given the proper attention, including skills development programs across the country Nigeria.
“This is to ensure that no one, no matter how poor their background is, irrespective of the state they base or origin from, is not excluded from quality education and opportunity to build their future
We are here because we are all educated and were helped. In the past, we saw a lot of our children drop out of college, so we are putting an end to that.
“That is no more. No matter who you are, as long as you are a Nigerian citizen, you can apply and get access to the Nigeria student loan.”
It will interest you to know that, the amended bill was sent by the President to the National Assembly last month. It got a record passage at the two chambers, having been passed after just three legislative days.
Below is Key Highlight Of The New Student Loan Law And The Funding Of The loan.
One percent of the annual revenue generated by the Federal Inland Revenue Service (FIRS) will be dedicated AND JUST THIS YEAR 2024 Alone, the FIRS has a tax revenue target of N19.4 trillion.Should the FIRS hit its 2024 target, it means that N194 billion will go to the student loan fund.
Among the honorable members present there is, the Minister of Education, Prof. Tahir Mamman, who also explained that the law was all-encompassing
He said: “This is a very great day for the country Nigeria, for the education sectors, and for Nigerian students in general who have a great need for support.
“Now, the days when students will be struggling to sponsor themselves in their various educational endeavors are over – both at the tertiary and those who are seeking skills.”
National Association of Nigerian Students (NANS) President Lucky Emonefe said: “We’re happy. We’ve seen Mr President’s commitment to the development of education and today the entire education system is happy.
Students are happy; our parents are happy. Even the children of the poor can now have access to quality education. “Signing the bill shows that Mr President is the father of modern education in Nigeria. He’s a hero of education, so we’re happy.”
The law provides for the establishment of the Nigeria Education Loan Fund and removes the family income threshold as a condition for accessing the loan.
Under the law, false declaration attracts three years in jail, while there is loan repayment forgiveness in case of a beneficiary’s death. The hurdles of a guarantor, a parent’s debt profile, and others in the old Act have been removed, thereby making it easier for the loan to be accessed.
President Tinubu, on June 12, 2023, signed into law the defunct Student Loan Bill to provide interest-free loans to Nigerians seeking higher education.
At the bill signing event were Senate President Godswill Akpabio, Deputy Senate President Jibrin Barau; Chief of Staff Femi Gbajabiamila; Minister of State for Education Yusuf Tanko Sununu, and Minister of State for Youth Development Ayodele Olawande. Sign up to AfricaChoice for more incentives. Stay on