Relief For Parents As President Tinubu Signs Reviewed Student Loans Act - EDU-BIZNEWS


Wednesday, April 3, 2024

Relief For Parents As President Tinubu Signs Reviewed Student Loans Act

Relief has finally come for parents as 
President Bola Ahmed Tinubu signed the newly revised Student Loans Re-enactment Bill, 2024 into law, expected to give renewed hope for Nigerian students seeking further education at tertiary institutions in the country 

The president signed the bill into law on Wednesday in State House Abuja in the presence of key stakeholders such as the Minister of Education and the leadership of the National Assembly.

Tinubu had last Month resent the bill seeking amendment to the earlier act of 2023 which was subsequently given accelerated passage by both  the Senate and the House of Representatives, after  independently evaluating the Committee on Tertiary Institutions and TETFund’s findings.

The executive bill, known as “A Bill for an Act to repeal the Students Loans (Access to Higher Education) Act, 2023, and to Enact the Student Loans (Access to Higher Education) Bill, 2024,” aims to create the Nigerian Education Loan Fund.

The entity will be established as a corporate body to administer, manage, and invest funds specifically for providing loans to Nigerians pursuing higher education, vocational training, and skills acquisition, along with other related activities.

The new act provides for establishment of Nigeria Education Loan Scheme (NELFund) as a corporate entity with the legal capacity to initiate and face litigation under its own name.

Furthermore, the act grants the Fund the authority to supply financial assistance in the form of loans to Nigerians who qualify, helping to pay for tuition, fees, other charges, and maintenance costs during their enrollment in recognized tertiary and vocational education establishments in Nigeria.

Under the new act, the family income threshold and guarantor requirement are removed as eligibility criteria and “Student applicants can no longer be disqualified based on their Parent’s loan history.”

It will be recalled that President Tinubu had earlier  in February instructed the Nigeria Education Loan Fund (NELFUND) management to broaden its scope by providing interest-free loans to Nigerian students seeking skill-development programme

He emphasized the imperative of equity and inclusivity in the programme management, insisting that no qualified students should be denied access to qualitative tertiary education because of lack of financial resources 

“No matter how economically challenged you are, accredited and qualified students will and must have access to this loan to advance their education in higher institutions. There is no compromise in our commitment to the disadvantaged citizens of this nation,” Tinubu said.

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