Benefits of the new bill signed to law by Tinubu

President Bola Tinubu has officially signed into law the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, marking a significant milestone in Nigeria’s educational landscape.

The enactment follows meticulous deliberations by both the Senate and the House of Representatives, who scrutinized the findings of the Committee on Tertiary Institutions and TETFund.

Spearheaded by Senator Bamidele Opeyemi representing Ekiti Central Senatorial District of Ekiti State, the bill aims to revolutionize the execution of the Higher Education Student Loan Scheme in Nigeria.

Its focus lies in addressing critical issues concerning 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 highlights of the bill is the removal of the income-based eligibility criterion, previously set at an annual income of less than N500,000 for applicants or their families.

This amendment opens doors to a broader range of applicants, including students from federally or state-established tertiary institutions and government-approved vocational institutions, with specific eligibility criteria to be determined by the Fund.

Unlike its predecessor, the 2023 Act, which restricted loan applications solely to tuition fees, the newly enacted bill extends its coverage. Applicants are now permitted to request loans to cover various institutional charges and maintenance allowances, reflecting a more comprehensive approach to student financial support.

With the signing of this bill into law, Nigeria takes a significant stride towards fostering greater accessibility and inclusivity in higher education.