Gboyega Isiaka, Chairman of the House of Representatives Committee on Student Loan, has revealed the mechanism that will be used for acquiring funds for student loans.
Recall that President Bola Ahmed Tinubu signed the Student Loan Act Amendment Bill into law on Wednesday, facilitating the scheme’s smooth commencement.
According to him, the necessary funds to effectively execute the Student Loan program would be sourced from “one percent of all revenues entering the Federation Account.”
He further reassured Nigerians of the administration’s commitment to guaranteeing sufficient funding for the scheme, which would benefit students studying in public-owned tertiary institutions nationwide.
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Isiaka clarified that they changed the old Student Loan Act to make it easier for Nigerian students to get loans without problems.
He said: “The patriotism and determination to make sure that this is a sustainable success still made the Executive and, Mr. President in particular to present those far-reaching amendments which has not become law. The law has amended so many shortcomings in the 2023 law in the area of fund that we have.
“Now, we have a known corporate entity that is called Nigerian Education Trust Fund (TETFund). We now have an institution that is strong, sustainable and comparable to what we have in different parts of the world, and going by all that will come into it.
“I am satisfied in my mind that the Nigerian government under President Bola Ahmed Tinubu has done so well for the Nigerian educational sector.“
