In a significant legislative move, the Nigerian Senate has passed the Student Loan (Access to Higher Education) Act (Repeal and Re-Enactment) Bill for the year 2024. The resolution follows the Senate’s consideration of the report presented by the Senate Committee on Tertiary Institutions and TETFUND, chaired by Senator Muntari Dandutse (APC – Katsina South).

The new act, proposed by President Bola Ahmed Tinubu, seeks to enhance the implementation of the Higher Education Student Loan Scheme by addressing various challenges. These include issues related to the management structure of the Nigerian Education Loan Fund (NELF), applicant eligibility requirements, loan purposes, funding sources, and disbursement and repayment procedures.

Tinubu’s initiative comes in response to the temporary suspension of the commencement of the student loan system, which was designed to provide Nigerian students in tertiary institutions with access to low-interest loans to complete their studies.

Additionally, the Senate deliberated on a motion sponsored by Senator Adebule Oluranti representing Lagos West, highlighting the urgent need to address the challenge of out-of-school children in Nigeria. Sen. Oluranti emphasized the importance of reducing the current number of out-of-school children, estimated at 20 million according to UNESCO statistics.

During the debate, Senator Oshiomhole urged the Senate to compel relevant agencies to publish the percentage of out-of-school children in each state. This move aims to hold state governments accountable and expose those failing to prioritize education, thereby endangering the collective well-being of citizens.

The passage of the Student Loan Act 2024 underscores the Senate’s commitment to improving access to higher education and addressing critical challenges in Nigeria’s education sector. As the legislation moves forward, stakeholders anticipate positive impacts on student access to educational opportunities and the reduction of the out-of-school children population.

Author: Deborah Oyinloye

With an interest in media, Deborah aims to impart the lives of people positively.

Please leave this field empty

Don’t miss these tips!

Email Address *

We don’t spam! Read our [link]privacy policy[/link] for more info.

Check your inbox or spam folder to confirm your subscription.