Hon Gboyega Isiaka, Chairman of the House of Representatives Committee on Students Loans, has assured Nigerians that the Federal Government is committed to providing adequate funding for the plan for all qualified citizens studying at public-owned tertiary institutions across the country.
Isiaka, who represents the Egbado North/Imeko Afon Federal Constituency in Ogun State, made the assurance during a press briefing on Thursday at the National Assembly Complex in Abuja.
The Lawmaker stated that the funds for the scheme will be derived from one percent of all revenues accruable to the Federation Account.
Recall that President Bola Tinubu signed the Student Loans (Access to Higher Education) Act (Repeal and Re-enactment) Bill 2024 into law on Wednesday, after both houses of the National Assembly passed it in March.
He stated: “The loan will be adequately funded. The patriotism and determination to make sure that this is a sustainable success made the executive and Mr President in particular present far-reaching amendments which have now become law.
“The law has amended so many shortcomings in the 2023 law in the area of funds that we have. Now we have a known corporate entity that is called the Nigerian Education Trust Fund. 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.”
Expressing optimism about the scheme, the lawmaker said, “I am satisfied in my mind that the Nigerian government under President Tinubu has done so well for the Nigerian educational sector.”
Speaking on the possible date of the take-off of the initiative, Mr Isiaka said there’s no doubt that the executive arm would soon set up a management team in the interest of Nigerians.
While noting that “Everybody is in a hurry to get this done,” the lawmaker added that the management of the National Education Trust Fund when constituted will be given a marching order to commence work in earnest for the benefit of millions of Nigerian Students who are waiting for the programme to begin.