President Bola Tinubu has signed into law the Student Loans (Access to Higher Education) (Repeal and Re-enactment) Bill, 2024. This historic legislation seeks to ensure sustainable higher education and functional skill development for Nigerian students and youths. The previous Student Loan Act, 2023, faced governance and management challenges, prompting the need for amendments. Under the new Act, several key amendments have been introduced.
Firstly, the establishment of the Nigeria Education Loan Fund (NELFUND) as a body corporate will provide legal authority for the disbursement and management of loans.
Additionally, the eligibility criteria for applicants have been revised, removing family income thresholds and guarantor requirements, thus allowing more Nigerian students to access loans.
Furthermore, the governance structure of NELFUND has been refined, separating governance functions from management operations and establishing a board of directors and management team.
The Act also defines the resource structure of the Fund and introduces provisions for loan repayment, including a two-year grace period after the completion of the National Youth Service Programme.
These amendments signify a significant leap forward in ensuring access to quality education and skill development opportunities for Nigerian students, thereby positioning them as key contributors to national development under the visionary leadership of President Tinubu.
