President Bola Tinubu has signed the National Students Loan Amendment Bill into law.
The President of the Senate, Senator Godswill Akpabio; Deputy Senate President, Senator Jibril Barau; ministers; and important stakeholders in the nation’s education sector all attended the bill’s signing in the State House in Abuja.
The new legislation revoked the previous Student Loans (Access to Higher Education) Act of 2023 and re-enacted the Student Loans (Access to Higher Education) Bill of 2004.
The executive bill creates the Nigerian Education Loan Fund, a corporate body entrusted with receiving, managing, and investing monies to give loans to Nigerians seeking higher education, vocational training, and skill acquisition programmes.
Chronicle NG reports that the two chambers of the National Assembly, comprising the Senate and the House of Representatives, passed the prolonged student loan bill on March 20, 2024.
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.
A week before the passing of the bill, 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 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.
