Business News

President Tinubu signs 2024 revised student loan Bill into law

President Bola Tinubu has signed the newly revised Student Loans Re-enactment Bill, 2024 into law.

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.

This development followed the Senate and the House of Representatives 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 bill proposed 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 bill 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 bill, 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.”

Earlier in February, Naijaonpoint reported that President Bola Tinubu instructed the Nigeria Education Loan Fund (NELFUND) management to broaden its scope by providing interest-free loans to Nigerian students seeking skill-development program.

Furthermore, the President emphasized the imperative of equity and inclusivity in the program’s management.