Nigerian Senate Approves Student Loans Act

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After undergoing rigorous scrutiny during Senate deliberations, the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill 2024 has been successfully passed by the Nigerian Senate.

In the cause of the scrutiny and deliberations, the Senate also paid particular attention to the report presented by Senator Muntari Dandutse, Chairman of the Senate Committee on Tertiary Institutions and TETFUND. The President’s transmission of the bill to the National Assembly made way for the consideration of the bill and its eventual passage.

Recognising the urgency at hand, the Senate hastened the process and suspended relevant sections of its standing rules, then referred the bill to the Committee of the Whole for thorough examination.

After the extensive debates, Senate President Godswill Akpabio entrusted the bill to the Senate Committee on Tertiary Institutions and TETFUND for further legislative refinement. The committee was tasked with conducting a comprehensive analysis, and reporting back within one week.

The main purpose of the bill is to revolutionise access to higher education for financially disadvantaged Nigerians by establishing the Nigerian Education Loan Fund. This fund will provide interest-free loans, facilitate educational opportunities for all citizens, and promote national development through enhanced human capital.

 

 

 

 

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