President Bola Tinubu of Nigeria has signed a law to establish a student loan fund aimed at expanding access to education for those who cannot afford tuition fees amidst a crisis in the cost of living in the West African nation.
According to Bloomberg, the Access to Higher Education Act for 2024 creates the Education Loan Fund in Nigeria, an institutional entity that will provide loans to citizens to cover tuition fees and support while studying at universities or skills acquisition institutes.
Quoting a statement from the president’s office sent via email, Bloomberg reported that the president said during the signing of the bill into law, “We can only fight poverty through education.”
He added that “there is a promising future awaiting our children.”
Nigeria, Africa’s most populous country, faces significant challenges in its education sector, including access and affordability.
Many Nigerian families struggle to afford the cost of higher education, leading to limited access for students from low-income backgrounds.
The establishment of the Education Loan Fund aims to address this issue by providing financial assistance to students, thereby enhancing educational opportunities and potentially reducing poverty levels in the country.
