The Nigerian Senate has officially passed the Student Loans Access to Higher Education) Act (Repeal and Re-Enactment) Bill for the year 2024.
This decision by the Senate follows a thorough consideration of the report submitted by the Senate Committee on Tertiary Institutions and TETFUND, presented during the plenary session by Senator Muntari Dandutse, the committee’s chairman.
Last week, President Bola Tinubu communicated his request to the Senate and the House of Representatives, urging the repeal of the existing Student Loan (Access to Higher Education) Bill and the introduction of a new one.
After undergoing first, second, and third readings in both chambers of the parliament, the bill was officially enacted into law on Wednesday.
In terms of loan repayment, the bill specifies that beneficiaries of the Fund are obligated to commence repayment as soon as they secure employment in any capacity.