President Bola Ahmed Tinubu has signed into law the Student Loan Act of 2023. The bill was passed by the 9th National Assembly and will play a pivotal role in enhancing educational access and delivery at the tertiary level.
The Presidential Villa in Abuja was the setting for the signing of the bill by Tinubu, who made promises during his election campaign on the creation of a loan scheme to allow indigent students to access funding towards their further education.
In his remarks, Dele Alake, a senior aide to the President, underscored Tinubu’s commitment to creating the student loan scheme, saying “Today, President Bola Ahmed Tinubu has just signed the Student Loan Act. This is just in fulfilment of his promise during the electioneering campaigns, where he promised that students would access loans to go to school.”
The Permanent Secretary of the Federal Ministry of Education, Andrew Adejo, also applauded the move, noting that the Federal Scholarship Board had been underfunded and needed enabling legislation to function correctly.
Adejo noted that the Student Loan Act had created more straightforward processes that would enhance the ease of accessing educational loans.
The Student Loan Act marks the latest achievement of a government committed to improving access to education and promoting competitiveness across all sectors of the economy.
