By Abiola Olawale
President Bola Ahmed Tinubu has signed the Student Loans Re-enactment Bill into law.
The bill was passed into law after the bill was considered in both the lower and upper legislative chambers.
This was disclosed by the Special Assistant to the President on Social Media, Dada Olusegun.
Olusegun who took to his X page on Wednesday stated that: “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 related matters’ was signed at the State House in the Presence of the leadership of the National Assembly, Ministers and Major Stakeholders of Education,” he posted.
The New Diplomat reports that Tinubu had sent the Student Loan Act back to the National Assembly for some consideration
In a letter addressed to the speaker of the House of Representatives, Hon. Abbas Tajudeeen, the president said that his reason for sending the bill is to seek the repeal of the current Act which is hindering the implementation of the Student Loan scheme.
In the letter, Tinubu said the new bill if passed into law would address the challenges related to the management structure of the Nigerian Education Loan Fund (NELF), applicant eligibility requirements, loan purpose, funding sources, and disbursement and repayment procedures.
