The Nigerian Senate has successfully passed the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024. Lawmakers approved the bill after considering the report presented by the Senate Committee on Tertiary Institutions and TETFUND during the plenary session on Wednesday, March 20.
Senator Muntari Dandutse, the chairman of the committee, presented the report, which led to the adoption of the bill. The Senate expedited the process by suspending relevant sections of its standing rules and referred the bill to the Committee of the Whole for consideration.
This legislative move comes after President Bola Tinubu transmitted the bill to the National Assembly for deliberation and passage. The bill aims to facilitate easy access to higher education for financially disadvantaged Nigerians by offering interest-free loans from the Nigerian Education Loan Fund, established under the Act.
In a related development, the Federal Government has disclosed that a total of N160 billion has been allocated in the 2024 budget for the implementation of the Student Loan Scheme and the Consumer Credit Scheme.
During a press briefing in Abuja, Minister of Budget and Economic Planning, Atiku Bagudu, revealed that N100 billion has been earmarked for the consumer credit scheme to revitalize the manufacturing sector and provide goods and services to Nigerians. He described the scheme as a catalytic fund expected to stimulate economic growth.
Bagudu further announced that N50 billion from the signed budget and an additional N10 billion from the supplementary budget have been allocated for the student loan scheme, demonstrating the government’s commitment to enhancing access to education for Nigerian students.
