On Wednesday, the Senate officially passed the Student Loan Access to Higher Education Act (Repeal and Re-Enactment) Bill of 2024, marking a significant legislative milestone.
The decision followed the thorough review and acceptance of a report from the Senate Committee on Tertiary Institutions and Tertiary Education Trust Fund (TETFund), as presented by Senator Muntari Dandutse, Chairman of the Committee representing Katsina South under the APC.
This action comes after the Bill successfully advanced through the second reading stage in both the Senate and the House of Representatives in the preceding week.
President Bola Tinubu had previously corresponded with both chambers of the National Assembly, advocating for the repeal of the current Student Loan (Access to Higher Education) Bill and the introduction of a revised version.
The newly enacted legislation aims to bolster the implementation of the Higher Education Student Loan Scheme, tackling issues concerning the Nigerian Education Loan Fund (NELF)’s management structure, applicant eligibility criteria, loan purposes, funding sources, as well as procedures for disbursement and repayment.
Tinubu’s initiative followed the temporary suspension of the student loan scheme, which was designed to provide Nigerian tertiary students with access to affordable loans for their educational pursuits.
