BREAKING: Senate Passes Overhauled Student Loan Bill Into Law

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

The development occurred following the consideration and adoption of a report by the Senate Committee on Tertiary Institutions and Tertiary Education Trust Fund (TETFund).

Senator Muntari Dandutse (APC, Katsina South), the chairman of the committee, presented the report at plenary on Wednesday.

Recall that last week, the Bill passed a second reading stage in both the Senate and House of Representatives.

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President Bola Tinubu had written
to the Senate and the House of Representatives, seeking the repeal of the Student Loan (Access to Higher Education) Bill and the enactment of a new one.

He also had announced a temporary suspension of the commencement of the student loan scheme.

The new Act will enhance the implementation of the Higher Education Student Loan Scheme.

It will address challenges related to the management structure of the Nigerian Education Loan Fund (NELF), applicant eligibility requirements, loan purpose, funding sources, disbursement, and repayment procedures.

The law also aims to allow Nigerian students in tertiary institutions to access low-interest loans to complete their studies.

Stay tuned for more details…