On Wednesday, President Bola Tinubu officially signed the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, into law.
This development follows the careful review and deliberation of the report of the Committee on Tertiary Institutions and TETFund by both the Senate and the House of Representatives.
The Bill, which was sponsored by Senator Bamidele Opeyemi, who represents the Ekiti Central Senatorial District of Ekiti State, aims to enhance the implementation of the Higher Education Student Loan Scheme in Nigeria.
It addresses various aspects such as the management structure of the Nigerian Education Loan Fund, eligibility criteria for applicants, purposes of the loan, funding sources, as well as procedures for disbursement and repayment. The goal is to improve access to higher education through an effective and well-structured student loan system.
Under this bill, the Nigerian Education Loan Fund (NELFUND) would be established as a separate legal entity.
In essence, the Bill enables the Fund to offer loans to eligible Nigerians for their tuition, fees, charges, and living expenses while studying in approved tertiary institutions and vocational training centers in Nigeria.
In contrast to the previous 2023 Act, which placed the Fund’s administration under a Special Committee chaired by the Governor of the Central Bank of Nigeria, this Bill proposes changes in the management structure.
