President Bola Tinubu has passed the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, into law.
The bill, which was previously passed by the Senate and the House of Representatives, aims to enhance the implementation of the Higher Education Student Loan Scheme by addressing challenges related to applicant eligibility requirements, loan purpose, funding sources and disbursement, and repayment procedures.
The Bill, which was initially signed into law by President Tinubu on June 12, 2023, was later subjected to a re-enactment process to remove certain conditions that could affect its implementation.
The Student Loans Act, 2024, will establish the Nigerian Education Loan Fund NELFUND as a corporate body to receive, manage, and invest funds to provide loans to Nigerians for higher education, vocational training, and skills acquisition.