In a significant development, the Nigerian Senate has moved forward with the Students Loans Access to Higher Education Act (Repeal and Enactment) Bill, 2024, passing it for a second reading.
This legislative stride comes in response to a formal request from President Bola Tinubu, urging the Senate to repeal the existing law and enact a fresh bill.
President Tinubu’s correspondence to the Senate coincided with the temporary suspension announcement of the commencement of the student loan scheme.
This scheme aimed to provide interest-free loans to tertiary institution students, facilitating their completion of studies.
During the plenary session, Senator Sani Musa proposed a pragmatic solution, suggesting the allocation of a percentage from bank charges to fund the student loan program.
This proposal aims to ensure the sustainability of the initiative, aligning with the broader objective of enhancing access to higher education.
The bill’s passage ensued after a rigorous debate among lawmakers, who commended the executive bill for its comprehensive approach.
The proposed amendments seek to address various challenges within the Nigerian Education Loan Fund (NELF), encompassing issues related to management structure, applicant eligibility criteria, loan purposes, funding sources, and disbursement mechanisms.
The Senate’s proactive move signifies a concerted effort to enhance educational opportunities for Nigerian students and address systemic hurdles hindering access to higher education.
As the legislative process advances, stakeholders anticipate further deliberations and refinements to ensure the efficacy and inclusivity of the student loan program.
