The Nigerian President signs student loan bill into law as a fulfilment of one of his promises to ease the funding of education in Nigeria during his election campaign era. This information was disclosed to the journalists yesterday by the President’s media team which was led by Dele Alake, a member of the Presidential Strategic Team.
The President of the President’s media team David Alake was accompanied by other members of the media team including Tunde Ralman and Abdulaziz Abdulaziz, Also present was the permanent secretary of the Ministry of Education David Adejoh.
When he was asked if the new student law will not cause a rise in the cost of school fees, Alake said the situations were unrelated, and added that the main idea for bringing the law into existence is to help poor students to be able to acquire educational training in Nigeria.
He further stated that President Tinibu signs student bill into law to fulfil his promise of bringing the student loan issues to the front burner and today he has fulfilled his promise. He said the law will enable indigent students to have access to federal government loans that will help them fund their education or career. The president wants to bring what is obtainable in other developed countries to Nigeria via the student loan law.
“We are very happy to announce to you that today, just a few minutes ago, the President His Excellency, Bola Ahmed Tinubu, signed into law, the Student Loans Bill and that Student Loans Bill, you all know what it entails, what it connotes the meaning.
Although this will boost the interest of Nigerian youths towards education, there are requirements or qualifications that must be met to prove that you are an indigent student to enable you to become a beneficiary of the student loan.
A committee will be set up and the members of this committee will be drawn from various bodies to take charge of the affairs and for efficient and proficient disbursement of the loan facility to the beneficiaries that need it. Alake further said that the law will take immediate effect but the committee will be there to oversee the procedures.
The permanent secretary of the Ministry of Education Adejoh also explained that what the president has done has gone beyond symbolism. That the President’s action is a demonstration of his intent in terms of how he wants to handle education as he makes progress in his administration.
The difference this bill will create is that the bill is going to be a loan board so that people who do not have reasons or are not qualified for a loan will not have reasons to go there. Nigerians must have learned their lessons from the loan recovery rates and the experience they had will serve as a guide on how to handle this federal student loan by the board.
He further said he want to congratulate the President and most importantly, congratulate Nigerians because with President Tinubu signing the student loan bill into law, no Nigerian should say it is because of lack of funds that they did not go to school. He said the opportunity will be there, it will be inclusive and will be equitable.