President Bola Tinubu has signed the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, into law, following its consideration and passage by both the Senate and the House of Representatives.
The bill, sponsored by Senator Bamidele Opeyemi representing Ekiti Central Senatorial District, aims to enhance the execution of the Higher Education Student Loan Scheme in Nigeria. It addresses issues related to the management structure of the Nigerian Education Loan Fund, applicant eligibility criteria, loan purposes, funding sources, and procedures for disbursement and repayment.
One of the key changes introduced by the new law is the elimination of the income-based eligibility criterion, which previously required an annual income of less than N500,000 for applicants or their families. The new law also expands the scope of eligibility to include students from federally or state-established tertiary institutions and government-approved vocational institutions, with specific criteria to be determined by the Fund.
Furthermore, unlike the 2023 Act, which restricted loan applications to tuition fees only, the new Bill allows applicants to request loans to cover various institutional charges and maintenance allowances.
The signing of this bill into law marks a significant step towards improving access to higher education for students in Nigeria and enhancing the overall quality of education in the country.
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