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Senate passes new Student Loans Act 2024

Boom RadioNG | March 20, 2024

The Senate has today passed the Student Loans Access to Higher Education Act (Repeal and Re-Enactment) Bill, 2024.

The bill passage followed the consideration of a report of the Committee on Tertiary Institutions and Tertiary Education Trust Fund (TETFUND), presented by the Chairman, Sen. Mohammed Muntari.

Nigeria Senate Plenary session 2023 photo credit Tope Brown

The new act is set 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 and disbursement and repayment procedures.

This came after the announcement of a temporary suspension of the commencement of the student loan system.

President Bola Tinubu wrote to the National Assembly last week, seeking the repeal of the former Student Loan (Access to Higher Education) Bill, and to enact a new one.

 

Dolupo Balogun

Written by Boom RadioNG

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