Senate Passes Student Loan Bill, Set to Establish Nigeria Education Loan Fund
The Bill is now set to be transmitted to President Bola Tinubu for assent, marking a significant step forward in addressing the challenges of access to higher education in Nigeria.
AKACHI NOEL 
The Nigerian Senate has passed the student loan (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024. The upper legislative chamber passed the Bill for third reading after considering the report of the Senate Committee on Tertiary Institutions and TETFUND.
The Senate, having passed the Bill for a second reading last week Thursday, has moved forward with its approval. The bill, sponsored by Bamidele Opeyemi, the Senate leader, among others, seeks to establish the Nigeria Education Loan Fund as a body corporate. This fund will be responsible for receiving, managing, and investing funds to provide loans for higher education, vocational training, and skills acquisition.
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The Bill is now set to be transmitted to President Bola Tinubu for assent, marking a significant step forward in addressing the challenges of access to higher education in Nigeria.
This development signals a commitment by the Nigerian government to improve access to education and support students in pursuing higher education and acquiring vocational skills. It also reflects efforts to enhance the quality of education and promote human capital development in the country.
Once enacted into law, the establishment of the Nigeria Education Loan Fund will provide a structured mechanism for students to access financial support for their educational pursuits, thereby reducing barriers to entry and promoting inclusivity in higher education.
