On Wednesday, April 3, 2024, President Bola Tinubu enacted a historic legislation: The Student Loans (Access to Higher Education) (Repeal and Re-enactment) Bill, 2024. This monumental Act aims to revolutionize access to higher education and skill development for Nigerian students and youths. Let’s explore the provisions and amendments made under this new Act.

The Student Loan Act, 2023, faced numerous governance and operational challenges. These included issues regarding loan purpose, eligibility criteria, application methods, repayment terms, and loan recovery mechanisms. Recognizing these shortcomings, the government opted for a comprehensive overhaul.

The Act establishes NELFUND as a legally recognized entity with the power to enter contracts, including loan agreements. This ensures efficient loan management and facilitates loan recovery processes.

NELFUND is authorized to provide loans covering tuition, fees, charges, and upkeep for students in approved tertiary academic institutions and vocational training centers across Nigeria. This is done in order to ensure equitable access to higher education and skill acquisition opportunities.

The Act separates governance functions from operational management by establishing a board of directors and a dedicated management team. This has the view to ensure transparency, accountability, and effective decision-making within NELFUND.

Changes to Eligibility Criteria

Eligibility criteria for loan applicants have been revised in the following headings: https://microblog.com.ng/student-loans-made-simple-study-now-pay-back-after-nysc-or-until-you-have-employment/