On Wednesday, President Bola Tinubu [/b]officially endorsed the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, cementing it into law.
This significant move follows meticulous examination and discussions on the report of the Committee on Tertiary Institutions and TETFund by both the Senate and the House of Representatives.
Sponsored by Senator Bamidele Opeyemi, representing the Ekiti Central Senatorial District of Ekiti State, the bill aims to bolster the implementation of the Higher Education Student Loan Scheme in Nigeria.
It addresses several crucial aspects, including the management structure of the Nigerian Education Loan Fund, eligibility criteria for applicants, loan purposes, funding sources, and procedures for disbursement and repayment. The overarching goal is to enhance access to higher education through a robust and well-structured student loan system.
This bill establishes the Nigerian Education Loan Fund (NELFUND) as a distinct legal entity, deviating from the previous 2023 Act, which placed the Fund’s administration under a Special Committee chaired by the Governor of the Central Bank of Nigeria.
Essentially, the Bill empowers the Fund to extend loans to eligible Nigerians for tuition, fees, charges, and living expenses while pursuing studies in accredited tertiary institutions and vocational training centers within Nigeria.
In summary, the enactment of this bill signifies a pivotal step towards improving access to higher education and fostering academic advancement in Nigeria.
