The Senate on Thursday passed the Students Loans (Access to Higher Education) Act (Repeal and Enactment) Bill, 2024 for second reading.
The bill seeks to enhance the implementation of the Higher Education Loan Scheme, by addressing challenges relating to the management structure of the Nigerian Education Loan Fund (NELF), applicant’s eligibility requirements, loan purpose, funding sources and disbursement.
Leading the debate on the general principles of the bill, leader of the Senate, Opeyemi Bamidele says it will provide loans to qualified Nigerians to pay tuition, fees, charges and upkeep during their course of study in approved tertiary education institutions, vocational and skills acquisition institutions in Nigeria.
He stated that the amendment will help build, operate and maintain a diversified pool of funds to provide loans to qualified applicants and ensure access to higher education, vocational training, and skills acquisition.
The lawmaker also pointed out that it ensures the recovery of all debts due to the Fund from loans granted to qualified applicants, except where the Board is of the opinion that a loanee should be exempted from repaying his/her loan by reason of death, considerations of hardship or equity.
Other criteria for exemption from repaying the loan include; impossibility or undue difficulty, or the expenses to be incurred in the recovery of the loan is far more than the amount sought to be recovered.
ait.live reports that Senators took turns to support the passage of the bill which they say will help students get proper education and contribute to the skills of the young generation.
The bill is thereafter referred to the Committee on TETFUND for further legislative action.
Editor: Ken Eseni
