President Bola Tinubu has ushered in a new era for Nigerian education by signing the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, into law.
This groundbreaking development comes after meticulous reviews by both the Senate and the House of Representatives, reflecting a unified commitment to enhancing access to education across the nation.
At the signing ceremony, President Tinubu emphasized the pivotal role of education in combating poverty, reaffirming the government's dedication to ensuring that every Nigerian child has the opportunity to pursue quality education and build a prosperous future. Sponsored by Senator Bamidele Opeyemi, the bill aims to streamline the execution of the Higher Education Student Loan Scheme, addressing key issues such as management structure, applicant eligibility criteria, loan purposes, and funding sources.
Notably, the establishment of the Nigerian Education Loan Fund (NELFUND) as a legal entity marks a significant shift, granting the authority to offer loans for tuition, fees, and living expenses to eligible students in approved tertiary institutions and vocational training centers.
Unlike previous legislation, the new bill eliminates income-based eligibility criteria, broadening access and opportunities for aspiring scholars. With these progressive reforms, Nigeria takes a decisive step towards fostering a more inclusive and equitable education system, empowering generations to come.
