Students Loans (Access To Higher Education) (Repeal And ReEnactment) Act 2024
On April 3, 2024, the Nigerian President, Bola Ahmed Tinubu signed into law the Students Loan (Access to Higher Education) Act (Repeal and Re-Enactment) 2024. The recently assented Students Loan Act 2024 was enacted to address the challenges encountered in the implementation of the Student Loan Act 2023. By addressing issues with the Nigerian Education Loan Fund (NELF) management structure, applicant eligibility requirements, loan purpose, funding sources, and disbursement and repayment procedures in the Student Loan Act 2023, it is anticipated that the Student Loan Act 2024 will improve the implementation of the Higher Education Student Loan Scheme1 . The 2024 Act establishes the Nigerian Education Loan Scheme (NELFund) as a corporate entity with the legal authority to file and defend lawsuits against the entity. In effect, it can sue and be sued. Additionally, the Act gives the NELFund the power to lend money to Nigerian students who fulfil the requirements, helping them to cover the cost of tuition, fees, other charges, and maintenance while they study in accredited Federal and stateowned tertiary and vocational institutions in Nigeria. A prevalent form of financial aid used in several countries to help students afford the costs of financing their education is the student loan program. These loans typically have a repayment schedule, which may be with or without interest, and normally occurs when the student’s degree is completed or within a specific time.