President Bola Tinubu has officially approved and signed the amendment bill for National Student Loans into law.
The bill was signed at the Aso Rock Presidential Villa on Wednesday, April 3, 2024.
The Senate passed the Student Loan Access to Higher Education Act (Repeal and Re-Enactment) Bill, 2024, into law in March 2024.
This decision came after the Senate Committee on Tertiary Institutions and Tertiary Education Trust Fund (TETFund) presented a report, which was adopted at plenary.
The bill had previously gone through the second reading stage in both the Senate and House of Representatives.
Tinubu had requested the repeal of the old Student Loan Bill and the enactment of a new one in letters to both the Senate and the House of Representatives.
The new Act aims to improve the Higher Education Student Loan Scheme by addressing issues with the management structure of the Nigerian Education Loan Fund (NELF), applicant eligibility, loan purpose, funding sources, disbursement, and repayment procedures.
Tinubu took action following the temporary suspension of the student loan scheme.
This law enables Nigerian students in tertiary institutions to apply for low-interest loans to cover tuition and other academic expenses.
