BREAKING: Nigerian Senate passes student loan bill

The Nigerian Senate has taken a significant step by passing the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024. This development comes after the Senate meticulously reviewed the report from the Senate Committee on Tertiary Institutions and TETFUND, which thoroughly deliberated on the Bill.

During the plenary session, Senator Muntari Dandutse (APC – Katsina South), the committee’s chairman, presented the report, highlighting key insights for consideration.

President Bola Tinubu had transmitted the Bill to the National Assembly for deliberation and passage last week, prompting swift action from the Senate. To expedite the process, relevant sections of the Senate’s standing rules were suspended, and the Bill was referred to the Committee of the Whole for thorough consideration.

Following an extensive debate, Senate President Godswill Akpabio directed the Bill to the Senate Committee on Tertiary Institutions and TETFUND for further legislative refinement. The committee was given a mandate to conduct additional work on the Bill and report back within one week.

The primary objective of the Bill is to streamline access to higher education for financially disadvantaged Nigerians. It aims to achieve this by establishing the Nigerian Education Loan Fund within the Act, providing interest-free loans to eligible individuals.