In a significant move aimed at bolstering educational opportunities for Nigerian students, President Bola Tinubu on Wednesday signed the much-anticipated Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, into law. The signing ceremony, held at the State House in Abuja, witnessed the presence of esteemed lawmakers, ministers, and key stakeholders from the education sector.
The newly enacted law repeals the previous Students Loans (Access to Higher Education) Act of 2023 and re-enacts the Student Loans (Access to Higher Education) Bill from 2004, introducing sweeping changes to the Higher Education Student Loan Scheme in Nigeria. President Tinubu’s decisive action underscores his administration’s commitment to ensuring that no Nigerian child is denied the right to education, a tool he described as vital in the fight against poverty.
In his address during the ceremony, the President expressed gratitude to members of the National Assembly for their expeditious handling of the bill, emphasizing the significance of education and skills development programs in shaping the nation’s future. “We are determined to ensure that education is given the proper attention necessary for the country, including skills development programs,” he stated.
The revamped legislation establishes the Nigerian Education Loan Fund (NELFUND) as a corporate body with the authority to litigate, acquire, hold, and dispose of property to fulfill its mandate. NELFUND will be responsible for receiving, managing, and investing funds to provide loans to eligible Nigerians pursuing higher education, vocational training, and skills acquisition programs.
Notably, the new law eliminates the income-based eligibility criterion set by the previous act, which restricted access to loans for applicants or their families with an annual income exceeding N500,000. This change opens up opportunities for students from a broader range of economic backgrounds to apply for loans.
Furthermore, the bill broadens the scope of eligibility, allowing students from federally or state-established tertiary institutions and government-approved vocational institutions to apply, with specific criteria to be determined by NELFUND. Additionally, applicants can now request loans to cover various institutional charges and maintenance allowances, a departure from the previous act’s limitation to tuition fees alone.
The signing of the Student Loans Bill has been met with mixed reactions from the public, with some expressing cautious optimism and others voicing concerns about the potential for perpetual indebtedness. However, President Tinubu’s determination to ensure access to quality education and opportunities for all Nigerians, regardless of their economic background, resonates as a beacon of hope for countless students aspiring to shape their future.
As the implementation of the new law unfolds, the nation eagerly awaits the transformative impact it promises to have on the educational landscape, paving the way for a more equitable and prosperous society.
