Senate passes Student Loan Act 2024

The Senate has passed the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024.

The passage of the Act followed the outcome of a report of the Committee on Tertiary Institutions and Tertiary Education Trust Fund (TETFUND), which was presented by the Chairman of the Committee, Sen. Mohammed Muntari, during plenary on Wednesday.

The Bill had last week, passed a second reading after President Bola Tinubu wrote to the Senate and the House of Representatives seeking the repeal of the Student Loan Bill and the enactment of a new one.

Tinubu had urged the National Assembly to give the Bill urgent attention and in complying with the appeal, the Senate had given the Bill accelerated hearing by suspending relevant sections of its standing rules and referred the Bill to the Committee of the Whole for consideration.

READ ALSO: Tinubu removes restrictions on students loans, warns against arbitrary increase in tuition fees

After debating on the Bill, Senate President Godswill Akpabio referred it to the Senate Committee on Tertiary Institutions and TETFUND for further legislative work and to report back in one week.

The new Act will enhance the implementation of the Higher Education Student Loan Scheme by addressing challenges related to the management structure of the Nigerian Education Loan Fund (NELF), such as applicant eligibility requirements, loan purpose, funding sources and disbursement and repayment procedures.

It also seeks to provide easy access to higher education for indigent Nigerians through interest-free loans from the Nigerian Education Loan Fund established in the Act to provide education for all Nigerians.
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