President Bola Tinubu has officially approved and signed the amendment bill for National Student Loans into law.
The bill was signed into law at the Aso Rock Presidential Villa on Wednesday, April 3, 2024.
Politics Nigeria reports that the Senate had passed the Student Loan Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, into law in March 2024.
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 second reading stage in both the Senate and House of Representatives prior.
Tinubu had 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 is expected to 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 for tuition and other academic needs.
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