This development comes after thorough assessments by both the Senate and the House of Representatives on the report from the Committee on Tertiary Institutions and TETFund.
Previously, the bill had reached the second reading stage in both chambers before undergoing individual reviews.
Tinubu had formally requested the Senate and the House of Representatives to revoke the Student Loan (Access to Higher Education) Bill and introduce a new version.
The new Bill, championed by Senator Bamidele Opeyemi representing Ekiti Central Senatorial District, aims to enhance the implementation of the Higher Education Student Loan Scheme in Nigeria.
It addresses concerns regarding the management structure of the Nigerian Education Loan Fund, applicant eligibility, loan purposes, funding sources, and disbursement and repayment procedures.
Under the proposed legislation, the Nigerian Education Loan Fund (NELFUND) would be established as a legal entity with the authority to engage in legal matters. It would have the power to acquire, own, and dispose of assets to fulfill its mandate.
The Bill allows the Fund to provide loans to eligible Nigerians for tuition, fees, charges, and living expenses while attending approved tertiary institutions and vocational training centers in Nigeria.
Unlike the previous 2023 Act, which placed the Fund’s administration under a Special Committee chaired by the Governor of the Central Bank of Nigeria, this Bill proposes changes in the management structure.
Moreover, the Bill eliminates the income-based eligibility criterion set by the existing law, which required an annual income of less than N500,000 for applicants or their families.
The new Bill expands eligibility criteria, permitting students from federally or state-established tertiary institutions and government-approved vocational institutions to apply, with specific criteria to be determined by the Fund.
Additionally, unlike the 2023 Act, which limited loan applications solely to tuition fees, the new Bill allows applicants to request loans to cover various institutional charges and maintenance allowances
