The Senate has passed the Student Loan, Access to Higher Education, Act 2024.
During plenary, Senator Muntari Dandutse, the committee chairman, delivered the report.
The Bill was sent to the National Assembly by President Bola Tinubu last week for review and approval. By suspending pertinent provisions of its standing rules, the Upper Legislative house granted the Bill an expedited hearing and forwarded it to the Committee of the Whole for consideration.
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Tinubu’s action came after the announcement of a temporary suspension of the commencement of the student loan system. The law was put in place to allow Nigerian students in tertiary institutions to access low-interest loans to complete their studies.
Following the bill’s discussion, Senate President Godswill Akpabio sent 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.
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), applicant eligibility requirements, loan purpose, funding sources and disbursement and repayment procedures.
Through interest-free loans from the Nigerian Education Loan Fund, which was established under the Act to offer education for all Nigerians, the Bill aims to make higher education easily accessible to impoverished Nigerians.