The National Assembly passed the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) 2024 Bill on Wednesday.
This followed thorough considerations by both the Senate and the House of Representatives, meticulously examining the report of the Committee on Tertiary Institutions and TETFund.
Initially signed into law in June 2023, the Student Loan Bill aimed to facilitate interest-free loans for Nigerian students, ensuring broader access to tertiary education.
However, last Thursday, President Tinubu’s letter to the Senate requested amendments, prompting a temporary suspension of the loan scheme’s commencement.
Senator Muntari Dandutse, the chairman of the committee responsible, presented the comprehensive report during plenary.
The amendments proposed by President Tinubu notably eliminate the family income threshold and guarantor requirements for loan applicants. Moreover, the bill emphasized justice and fairness, mandating equitable distribution of approved loans across the nation.
The bill outlined stringent measures for loan repayment, stipulating that beneficiaries must commence repayment upon employment, with a grace period post-NYSC completion. Deliberate provisions were made to deter fraudulent practices, with severe penalties, including imprisonment, for false statements provided to the Fund.
To alleviate financial burdens in dire circumstances, the bill incorporated provisions for loan forgiveness in cases of death or unforeseen circumstances impeding repayment.