The Senate has successfully passed the Student Loans Access to Higher Education Act (Repeal and Re-Enactment) Bill, 2024, paving the way for significant improvements in Nigeria’s higher education financing landscape.
The passage of the bill, following the meticulous consideration of a report from the Committee on Tertiary Institutions and Tertiary Education Trust Fund (TETFUND), signifies a crucial step towards addressing key challenges in student loan management.
Sen. Mohammed Muntari, Chairman representing Katsina South, presented the committee’s report, emphasizing the importance of streamlining the Higher Education Student Loan Scheme. This move comes in response to President Bola Tinubu’s call to repeal the existing Student Loan Act and introduce a more effective framework.
“The new act is designed to enhance the implementation of the Higher Education Student Loan Scheme by tackling issues such as management structure, applicant eligibility, loan purpose, funding sources, disbursement, and repayment procedures,” Sen. Muntari stated.
President Tinubu’s initiative follows the temporary suspension of the student loan system, initially established to provide Nigerian students in tertiary institutions with low-interest loans for their education.
In addition to this milestone, the Senate engaged in a crucial debate on addressing the challenge of out-of-school children, championed by Sen. Adebule Oluranti from Lagos West.
“According to UNESCO statistics, Nigeria currently has an estimated 20 million out-of-school children. This is a critical issue that demands immediate action,” Sen. Oluranti emphasized during the debate.
Sen. Oshiomhole also urged the Senate to compel relevant agencies to publish the percentage of out-of-school children in each state, exposing defaulting state governments and pushing for accountability in education priorities.
In response, the Senate resolved to direct judiciaries in all 36 states to establish mobile courts for Universal Basic Education (UBE) Act enforcement. Furthermore, the Senate’s education committee is tasked with collaborating with the Ministry of Education to reduce the number of out-of-school children within a two-year timeframe, aligning with the UBE Act’s implementation goals.
