The Senate, on Wednesday, passed the Student Loan Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, into law.
The development followed the consideration and adoption of a report of the Senate Committee on Tertiary Institutions and Tertiary Education Trust Fund (TETFund), presented by the chairman of the committee, Senator Muntari Dandutse (APC, Katsina South) at plenary.
Recall that the Bill had last week passed a second reading stage in both the Senate and House of Representatives.
And it was reported that 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 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, disbursement and repayment procedures.
Tinubu’s action came after the announcement of a temporary suspension of the commencement of the student loan scheme. The law was put in place to allow Nigerian students in tertiary institutions to access low-interest loans to complete their studies.