20th March, 2024
The Nigerian Senate on Wednesday passed the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024.
The Senate passed a resolution after considering the report of the Senate Committee on Tertiary Institutions and TETFUND that considered the Bill on the floor of the Upper Chamber.
Senator Muntari Dandutse, who is the Chairman of the committee that considered the bill, presented the report during plenary.
The student loan is part of the implementation of the Access to Higher Education Act, 2023.
The Act, popularly known as the Students Loan Bill seeks to provide loans for indigent Nigerian students to pay fees in Nigerian tertiary institutions.
The Act establishes the Nigerian Education Loan Fund (NELFUND), which is expected to handle all loan requests, grants, disbursement and recovery of the loans provided.
NELFUND, according to the Act, is to be funded from multiple streams and will engage in other productive activities.
Nigeria’s president, Bola Tinubu had last week sent the Bill to the National Assembly for its consideration and passage.
The Senate had given the Bill accelerated hearing by suspending relevant sections of its standing rules and referred the Bill to the Committee of the Whole for consideration.