The Senate of Nigeria has approved the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, following deliberations on the report presented by the Senate Committee on Tertiary Institutions and TETFUND. The resolution to pass the bill was reached during a plenary session, where Senator Muntari Dandutse (APC – Katsina South), the Chairman of the Committee, presented the report.
President Bola Tinubu had transmitted the Bill to the National Assembly for consideration and passage, prompting the Senate to fast-track its deliberations by suspending relevant sections of its standing rules. Subsequently, the Bill was referred to the Committee of the Whole for thorough examination.
After extensive debate, Senate President Godswill Akpabio directed the proposed legislation to the Senate Committee on Tertiary Institutions and TETFUND for further legislative scrutiny. The committee was given one week to conduct a detailed review and report back to the Senate.
The primary objective of the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, is to facilitate easier access to higher education for financially disadvantaged Nigerians. This will be achieved through interest-free loans provided by the Nigerian Education Loan Fund established under the Act, with the overarching goal of ensuring education accessibility for all Nigerians.
The proposed amendments to the Act, as outlined in an explanatory memorandum, include the establishment of the Nigeria Education Loan Fund (NELFUND). These amendments signify a concerted effort by the government to address the challenges hindering access to higher education and to promote educational inclusivity across the country.
The passage of this bill by the Senate marks a significant step towards realizing the goal of making higher education more accessible and affordable for all Nigerians, particularly those from underprivileged backgrounds.
