Student Loan: Fresh Bill Scales Second Reading In Senate

The Senate, on Thursday, passed for second reading the Students Loans Access to Higher Education Act (Repeal and Enactment) Bill, 2024.

This followed a correspondence by the President Bola Tinubu who wrote to the Senate seeking the repeal of the existing law, and has submitted a fresh bill to be passed into law.

This request comes a day after the announcement of a temporary suspension of the commencement of the student loan scheme which would allow students of tertiary institutions access interest-free loans to complete their studies.

Senator Sani Musa, during plenary, suggested that a percentage from bank charges be deployed to the student loan fund to ensure sustainability.

The passage of the bill followed a debate by several lawmakers who lauded the executive bill which also seeks to address challenges relating to the management structure of the Nigerian Education Loan Fund (NELF), applicants’ eligibility requirements, loan purpose, funding sources and disbursement.