The Nigerian Senate has successfully passed the Student Loans Access to Higher Education Act (Repeal and Re-Enactment) Bill, 2024, marking a significant step in the legislative process aimed at enhancing access to higher education for Nigerian students.
The passage of the bill by the Senate follows the consideration of a comprehensive report presented by the Committee on Tertiary Institutions and Tertiary Education Trust Fund (TETFUND), chaired by Sen. Mohammed Muntari representing Katsina South.
The report highlighted the critical importance of reforming the existing student loan system to address various challenges hindering its effective implementation.
President Bola Tinubu’s recent communication to the Senate and the House of Representatives, advocating for the repeal of the existing Student Loan (Access to Higher Education) Bill and the enactment of a new one, served as a catalyst for the legislative action.
The proposed new act aims to streamline the Higher Education Student Loan Scheme by addressing issues related to the management structure of the Nigerian Education Loan Fund (NELF), applicant eligibility criteria, loan purpose, funding sources, and disbursement and repayment procedures.
Tinubu’s initiative comes in the wake of the temporary suspension of the commencement of the student loan system, underscoring the urgent need for legislative reforms to facilitate access to low-interest loans for Nigerian students pursuing higher education.
The passage of the Student Loans Access to Higher Education Act (Repeal and Re-Enactment) Bill, 2024, represents a significant milestone in the government’s commitment to promoting inclusive and accessible higher education opportunities for all Nigerian students.
