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The 2023 Student Loan Act has been enacted by President Bola Ahmed Tinubu.
The law was approved by the 9th National Assembly, but Tinubu signed it on Monday at the Presidential Villa in Abuja as part of initiatives to improve tertiary education access and delivery.
Dele Alake, a top counselor to the president, and Andrew Adejo, the permanent secretary of the federal ministry of education, both described how the act will guarantee that poor students have access to loans to pursue their studies.
According to Alake, Tinubu included the loan proposal in his list of election-related promises.
"The Student Loan Act was recently signed by President Bola Ahmed Tinubu today. This is just the fulfillment of his election-related pledge that kids would have access to loans to attend college," he added.
The Federal Scholarship Board, which already exists, was cash-strapped and required an enabling act to function properly, but now that an enabling act is in place, the procedures for hassle-free access to education loans will be much simpler, according to the Permanent Secretary of the Ministry of Education.
