JUST IN: For the Second Time, President Tinubu signs Student Loans bill into law

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On Wednesday, President Bola Tinubu signed the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, into law.

This development comes after the Senate and House of Representatives carefully reviewed and deliberated on the Committee on Tertiary Institutions and TETFund report.

Senator Bamidele Opeyemi, who represents the Ekiti Central Senatorial District in Ekiti State, sponsored the Bill. The bill seeks to improve the implementation of Nigeria’s Higher Education Student Loan Scheme.

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It covers a variety of topics, including the Nigerian Education Loan Fund’s administration structure, applicant qualifying criteria, loan purposes, financing sources, and disbursement and repayment methods.

The goal is to improve access to higher education through an effective and well-structured student loan system.

Under this bill, the Nigerian Education Loan Fund (NELFUND) would be established as a separate legal entity.

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In essence, the Bill enables the Fund to offer loans to eligible Nigerians for their tuition, fees, charges, and living expenses while studying in approved tertiary institutions and vocational training centers in Nigeria.

In contrast to the previous 2023 Act, which placed the Fund’s administration under a Special Committee chaired by the Governor of the Central Bank of Nigeria, this Bill proposes changes in the management structure.

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