By Gom Marian
President Ahmed Tinubu has signed the Students Loan (Access to Higher Education) Bill, 2019, into law.
The bill was sponsored by the outgoing Speaker of the 9th House of Representatives and Chief of Staff to the President, Hon. Femi Gbajabiamila.
The legislation provides for the establishment of the Nigerian Education Fund, domiciled with the Central Bank of Nigeria (CBN) from which qualified applicants can access education loans through the commercial banks in the country.
Gbajabiamila, who is the Chief of Staff (CoS) designate to President Tinubu, while reacting to the assent into law, implored ”indigent youths to maximise the advantage of the new law that will enable them to chart the future they crave for themselves.”
He noted that the hardship being faced by the unemployed and low-income earners, coupled with the very high cost of living in Nigeria over the years, had made access to quality higher education difficult, stressful and in some cases, impossible.
Furthermore, he noted that a well-educated citizenry was critical to national development and ability to compete in the global economy, arguing that higher education should be regarded as a public good benefiting the entire country, rather than a commodity solely benefiting the individual recipients.
