The National Assembly has passed the Student Loan Act (Repeal and Re-Enactment) Bill, 2024.
Following the bill’s debate, Senate President Godswill Akpabio referred it to the Senate Committee on Tertiary Institutions and TETFUND so that they may continue working on the legislation and provide a report in a week.
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By addressing issues with the Nigerian Education Loan Fund’s (NELF) administrative structure, the bill aims to improve the execution of the student loan programme for higher education.
The Student Loan Act also aims to change the criteria for application eligibility, the goal of the loan, the sources of money, and the processes for repayment and payout.
President Bola Tinubu had last week, written to the Senate and the House of Representatives, seeking the repeal of the Student Loan (Access to Higher Education) Bill, and to enact a new one.
The section came after the report of the Committee on Tertiary Institutions and Tertiary Education Trust Fund (TETFUND) was discussed. The chairman of the committee, Sen. Mohammed Muntari, a representative from Katsina South, presented the report.
The law was implemented to make low-interest loans available to Nigerian students enrolled in postsecondary institutions so they may finish their education.