The National Assembly, comprising both the Senate and the House of Representatives, has unanimously passed the long-awaited student loan bill, marking a significant milestone in Nigeria’s education sector.
The bill, which underwent thorough deliberations and readings in both parliamentary sittings, was officially enacted into law on Wednesday, paving the way for enhanced access to higher education funding.
Chairman of the Committee on Tertiary Institutions and TETFUND, Muntari Dandutse, presented the committee’s report during the plenary session, affirming the bill’s readiness for passage.
The legislative approval follows President Bola Tinubu’s call to repeal and reenact the student loan bill, as conveyed in letters addressed to both chambers of the National Assembly.
In his letter read during the plenary session, President Tinubu emphasized the importance of the Student Loan (Access to Higher Education) (Repeal and Re-enactment) Bill, 2024, in addressing challenges related to the management structure of the Nigerian Education Loan Fund (NELF), applicant eligibility requirements, loan purpose, funding sources, and disbursement and repayment procedures.
This proactive approach to education financing seems to demonstrate the government’s commitment to providing sustainable solutions to ensure equitable access to higher education opportunities for all Nigerians.
The passage of the bill represents a significant step towards realizing this goal and creating a conducive environment for academic advancement.
Prior to the passage of the bill, there were uncertainties surrounding the launch of the student loan scheme, with conflicting reports from key stakeholders.
While the Executive Secretary of the Nigerian Education Loan Fund, Akintunde Sawyer, cited postponements due to necessary corrections, the Executive Secretary of the Tertiary Education Trust Fund, Sonny Echono, clarified that the launch was only delayed briefly for essential housekeeping.
In June 2023, President Tinubu had signed the initial bill to establish a Students Loan Fund, aimed at providing interest-free loans to Nigerian students for higher education.
Despite initial delays, the government remained steadfast in its commitment to the program’s implementation, with former Speaker of the House of Representatives, Femi Gbajabiamila, leading the proposal.
With the student loan bill now officially enacted into law, Nigerians can anticipate the commencement of the program in January 2024, marking a new chapter in the country’s pursuit of accessible and affordable higher education for all citizens.