“Historic Leap in Education: Senate Approves Groundbreaking Student Loan Act 2024”
In a landmark decision, the Nigerian Senate has passed the Student Loans Access to Higher Education Act (Repeal and Re-Enactment) Bill of 2024, marking a pivotal shift in the nation’s approach to higher education funding.
The bill, championed by Senator Mohammed Muntari of Katsina South, received the green light after President Bola Tinubu’s compelling appeal to overhaul the existing student loan framework. The newly minted act promises to refine the Higher Education Student Loan Scheme, tackling pressing issues related to the management of the Nigerian Education Loan Fund (NELF), applicant eligibility, loan utilization, funding avenues, and the intricacies of loan distribution and repayment.
This legislative breakthrough follows the temporary freeze of the student loan system, a move that had sparked widespread concern among Nigerian students aspiring for tertiary education.
Parallel to this, the Senate has taken a robust stance on the escalating crisis of out-of-school children, with Senator Adebule Oluranti of Lagos West spearheading a motion that calls for immediate action to curb the staggering 20 million children out of school, as reported by UNESCO.
The Senate’s resolution to enforce the Universal Basic Education (UBE) Act through mobile courts in all 36 states, coupled with a directive for the education committee to devise actionable strategies alongside the Ministry of Education, sets a two-year ultimatum to actualize the UBE Act’s goals.
This series of legislative actions underscores a renewed commitment to not only empower Nigerian students through accessible loans but also to secure the educational future of the nation’s youth.
