By Ken Afor
The Nigerian Senate on Wednesday, passed the 2024 Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, following a review of the report presented by the Senate Committee on Tertiary Institutions and Tertiary Education Trust Fund (TETFUND), chaired by Senator Muntari Dandutse, representing Katsina south senatorial district.
The bill was transmitted last week by President Bola Tinubu with the aim of facilitating access to higher education for financially disadvantaged Nigerians by providing interest-free loans through the Nigerian Education Loan Fund established within the Act.
On Wednesday, the Senate focused on passing it by suspending relevant sections of its standing rules and referring it to the Committee of the Whole for consideration.
Subsequently, after a constructive debate, Senate President Godswill Akpabio referred the Bill to the Senate Committee on Tertiary Institutions and TETFUND for further legislative refinement, with a mandate to report back within one week.
The New Diplomat had reported President Tinubu’s request for a repeal and reenactment of the Student Loan Bill last week.
The President, in a letter to the legislative arm, had requested implementation of the Higher Education Student Loan Scheme, which would address challenges related to the management structure of the Nigerian Education Loan Fund (NELF).
The letter reads in part: “Pursuant to Section 58(2) of the Constitution of The Federal Republic of Nigeria, 1999 (as amended). I forward, herewith, The Student Loan (Access to Higher Education) (Repeal and Re-Enactment) Bill, 2024 for the kind consideration of the House of Representatives.
“The Student Loan (Access to Higher Education) (Repeal and Re- Enactment) Bill, 2024, seeks 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.”
The bill was initially signed into law in June 2023.
