President Bola Tinubu on Wednesday signed the Student Loans Re-enactment Bill into law at the State House in Abuja.

According to a tweet by the Special Assistant on Social Media to the president, Olusegun Dada, the bill signing took place at the State House in the presence of the leadership from the National Assembly, ministers, and major education stakeholders.

The new legislation repeals the previous Students Loans (Access to Higher Education) Act of 2023 and re-enacts the Student Loans (Access to Higher Education) Bill from 2004.

The executive bill establishes the Nigerian Education Loan Fund as a corporate body tasked with receiving, managing and investing funds to provide loans to Nigerians pursuing higher education, vocational training and skills acquisition programs.