The Chairman of the House of Representatives Committee on Student Loan, Gboyega Isiaka (APC, Ogun), has disclosed that the funding required for the successful implementation of the Student Loan program will be sourced from one percent of all revenues accruing to the Federation Account.
Isiaka reassured Nigerians of the commitment of President Bola Tinubu’s administration to ensure adequate funding for the scheme, which aims to benefit students studying in public-owned tertiary institutions across the nation.
The Student Loan Act Amendment Bill was recently signed into law by President Tinubu, marking a significant step towards the smooth initiation of the scheme. This action followed the rectification of previous anomalies identified within the law.
Explaining the rationale behind the repeal of the initial Student Loan Act, Isiaka highlighted the importance of removing barriers that could hinder many Nigerian students from accessing the loan facility.
He stated, “The Executive and Mr. President, in particular, demonstrated patriotism and determination to ensure the sustainable success of this initiative, leading to the presentation and subsequent enactment of far-reaching amendments. These amendments address various shortcomings identified in the 2023 law, particularly in the area of funding.”
Isiaka emphasized the strengthening of the Nigerian Education Trust Fund (TETFund) as a vital aspect of the amendments, describing it as a robust and sustainable institution comparable to similar entities worldwide.
Expressing satisfaction with the government’s efforts under President Bola Ahmed Tinubu, Isiaka lauded the administration’s contributions to the advancement of the Nigerian educational sector.
