The Nigerian Education Loan Fund, on Wednesday, said it would begin a pilot phase of the student loan scheme with applicants from public tertiary institutions.
This includes students of federal and state universities, polytechnics and colleges of education.It also expects President Bola Tinubu to soon appoint a chairperson, a Managing Director and two Executive Directors as part of its executive management team.The spokesperson for the Fund, Mr Nasir Ayitogo, affirmed this to our correspondent on Wednesday, citing the provisions of the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, which Tinubu signed into law, on the same day.Ayitogo noted that the President was expected to launch the scheme after appointing qualified persons into the offices provided by the new law.The executive bill was 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 for Related matters.”It was signed in the presence of the leadership of the National Assembly, ministers and major stakeholders in the education sector.This followed separate considerations by both the Senate and the House of Representatives of the report of the Committee on Tertiary Institutions and TETFund.
The newly-signed piece of legislation allows for the appointment of a Chairperson of the fund, a Managing Director and two Executive Directors of Finance and Operations each to “assist the Managing Director in performing his duties.”The appointees “shall hold office for five years,” the Act read.The new Act also made the loan fund a corporate entity with the ability to enter contracts, including loan agreements with applicants, or to initiate enforcement actions to recover loans from beneficiaries; provisions it lacked hitherto.“Right now, with the President’s assent to the new bill, it means there will be a new management. There will be a managing director, as against what we had in the previous law, an Executive Secretary. And there will be two executive directors too.“So, we await the President to make these fresh appointments before we can begin anything. Before the implementation, those appointments will have to be in place.“There must be a Chairperson who will be appointed by the President,” said Ayitogo.
Asked if the new provision covers students in public and private institutions, he said, “For the pilot scheme, it is just for public institutions.”On the number of public institutions to enjoy the pilot scheme, he explained, “The target for this phase of the loan are students of federal and state universities, federal and state polytechnics and federal and state colleges of education. Whoever desires the loan will apply.“When you need the loan, apply and you will get it if you meet the requirements.”However, no launch date has been set for the programme.
After assenting to the new law on Wednesday, Tinubu thanked the National Assembly for speedily considering it, affirming that his administration was committed to increasing the skill levels of working-age Nigerians.He stated, “I have just signed a bill proclaiming the student loan effectively. First of all, I must thank 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.“We are determined to ensure that education is given the proper attention necessary for the country including skills development programmes.“This is to ensure that no one, no matter how poor their background is, is excluded from quality education and the opportunity to build their future.”Turning to those in the room, the President said, “We are here because we are all educated and were helped.“In the past, we have seen a lot of our children drop out of colleges and give up the opportunity.“That is no more, the standard and the control is there for you to apply no matter who you are as long as you are a Nigerian citizen.”On June 12, 2023, Tinubu signed the Access to Higher Education Act, 2023 into law to enable indigent students to access interest-free loans for their educational pursuits in any Nigerian tertiary institution.