Just-in: President Tinubu signs student loan re-enactment bill

Elizabeth AtimeApril 3, 20242 min

The student loan bill as signed would allow Nigerian students in tertiary institutions to access low-interest loans for tuition and other academic needs.

President Bola Ahmed Tinubu has signed the Student Loans Re-enactment Bill into law at the State House, Abuja. 

OrderPaper recalls that President Tinubu had on 14th March 2024 forwarded a letter to the Senate and the House of Representatives seeking a repeal and re-enactment of the Act.

The Bill 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 which President Tinubu signed in June 2023 was to be launched on Thursday 14th March 2024 but was postponed indefinitely by the Federal Government as disclosed by the Executive Secretary of the Nigerian Education Loan Fund, Akintunde Sawyer.

The executive bill titled “A Bill for an Act to repeal the Students Loans (Access to Higher Education) Act, 2023 and Enact the Student Loans (Access to Higher Education) Bill, 2004 to Establish the Nigerian Education Loan Fund as a body corporate to receive, manage and invest funds to provide loans to Nigerians for higher education, vocational training and skills acquisition and for related matters” was signed at the State House in the Presence of the leadership of the National Assembly, Ministers and Major Stakeholders of Education

The law as signed would allow Nigerian students in tertiary institutions to access low-interest loans for tuition and other academic needs.

Elizabeth Atime

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