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National Assembly passes student loan act 2024

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The two chambers of the National Assembly, comprising the Senate and the House of Representatives, has passed the prolonged student loan bill.

The bill, which scaled first, second, and third readings in both parliamentary sittings, became law on Wednesday.

The Senate resolution followed the consideration of the committee’s report on tertiary institutions and TETFUND.

Muntari Dandutse, senator representing Katsina South and chair of the committee, presented the report during plenary.

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 and disbursement and repayment procedures

Tinubu’s action came after the announcement of a temporary suspension of the commencement of the scheme. The law was put in place to allow Nigerian students in tertiary institutions to access low-interest loans to complete their studies.

 

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