The Senate and House of Representatives have passed the Student Loan Bill known as the “Access to Higher Education” Act (Repeal and Re-Enactment) Bill, 2024.
It is instructive to note that in all three readings in both chambers of the National Assembly, the bill advanced quickly.
The bill aims to improve the way the Nigerian Education Loan Fund (NELF) is managed in order to better facilitate the loan program for students pursuing higher education.
The objective of the loan, the funding sources, the disbursement and repayment schedules, and the applicant eligibility restrictions are all intended to be changed.
The Senate Committee on Tertiary Institutions and the TETFUND Report was considered by the upper legislative chamber before the resolution was passed.
The committee’s chairman, Senator Muntari Dandutse, submitted the findings in plenary on Wednesday.
President Bola Tinubu had on March 14, requested the student loan law be repealed and reenacted by the federal lawmakers.
In plenary, Speaker of the House of Representatives Tajudeen Abbas read the President’s letter.
In a similar letter, the President asked the Senate to give his proposal “expeditious consideration.”
During plenary in the red chamber, the Senate President, Godswill Akpabio, read the Senate’s version.
“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,” Tinubu’s letter reads.
“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 law would be harmonised by a conference committee of the Senate and the House of Representatives before being forwarded to the President for his assent.
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