• Latest
  • Trending

How Tinubu’s student loans scheme works

BREAKING:  Acting INEC Chair Assumes Office

BREAKING: Acting INEC Chair Assumes Office

Natasha Akpoti Resumes Senate After 6-Month Suspension — Akpabio Missing

Natasha Akpoti Resumes Senate After 6-Month Suspension — Akpabio Missing

Relief for Nigerians as Dangote Slashes Cooking Gas Price to ₦760/kg

Relief for Nigerians as Dangote Slashes Cooking Gas Price to ₦760/kg

AAU ASUU Condemns SIT Over Alleged Activities, Set For Legal Action

ASUU Gears Up for Strike as Government Ignores Ultimatum

Cooking Gas Hits ₦2,000 Per Kg as NNPC Blames Union Strike

Cooking Gas Hits ₦2,000 Per Kg as NNPC Blames Union Strike

JUST IN: Tinubu’s Minister Nnaji Involved in Certificate Scandal

Court Rejects Minister Nnaji’s Bid to Block UNN Over Certificate Scandal

APC Chieftain Roots for Dangote–Otti 2027 Presidency, Says It’ll Save Nigeria

APC Chieftain Roots for Dangote–Otti 2027 Presidency, Says It’ll Save Nigeria

Tuesday, October 7, 2025
  • Login
No Result
View All Result
iDeemlawful
  • Home
  • News
  • Featured
  • Politics
  • LifeStyle
  • Advertise with Us
  • Opinion
  • Campus
iDeemlawful
No Result
View All Result
iDeemlawful
No Result
View All Result
  • Home
  • News
  • Featured
  • Politics
  • LifeStyle
  • Advertise with Us
  • Opinion
  • Campus
Home Breaking News

How Tinubu’s student loans scheme works

by iDeemlawful
April 6, 2024
in Breaking News
A A
0

President Bola Tinubu, on Wednesday, April 3, 2024, signed into law the Student Loans (Access to Higher Education) (Repeal and Re-enactment) Bill, 2024. The Act is of historic proportions as it seeks to guarantee sustainable higher education and functional skill development for all Nigerian students and youths.

* Why The Previous Act Was Amended

The repealed Student Loan Act, 2023, had some challenges bordering on governance and management, purpose of the loans, eligibility criteria for applicants, method of application, repayment provisions, and recovery of the loans.

SeeThese

Tinubu’s Minister Nnaji Admits Certificate Forgery

BREAKING: Court Throws Out Rivers Emergency Rule Suit Against Tinubu

Tinubu Boasts 12 Big-Wins as Nigeria Marks 65th Independence

* The Amendments Under The New Act

ADVERTISEMENT

Student Loans (Access to Higher Education) (Repeal and Re-enactment) Act, 2024 sufficiently resolved the challenges highlighted above and includes the following amendments:

(a)   Establishes the Nigeria Education Loan Fund (NELFUND) as a body corporate that can sue and be sued in its name and has the power to acquire, hold, and dispose of movable and immovable property for the purpose of its functions.

–      This ensures that the Fund can legally enter contracts, including loan agreements, and may also initiate action to ensure repayment by beneficiaries.

(b)   Empowers the Fund to provide loans to qualified Nigerians for tuition, fees, charges, and upkeep during their studies in approved tertiary academic institutions and vocational and skills acquisition institutions in Nigeria.

–      Build, operate, and maintain a diversified pool of funds to provide loans to qualified applicants and ensure access to higher education, vocational training, and skills acquisition.

–          These amendments ensure that students can apply for and receive loans to cover tuition, institutional charges, and some upkeep.

(c)   Separates the governance functions from the management operations of NELFUND by establishing a board of directors with a chairman and a secretary.

–   The board’s members are drawn from relevant ministries, regulatory bodies, and participating agencies, including the Federal Ministries of Finance and Education, the FIRS, NIMC, NUC, NBTE, and NCCE, as well as representatives of universities, polytechnics, colleges of education, students of tertiary institutions, and the organized private sector.

–          Establishes a management team led by a managing director, including executive directors responsible for the day-to-day management and operations of the Fund.

–       The President of the Federal Republic of Nigeria appoints the Board and Management.

(d)   Properly defines the resource structure of the Fund by, among other things, establishing the General Reserve Fund into which shall be paid 1 percent of all taxes, levies, and duties collected by the Federal Inland Revenue Service and accruing to the benefit of the Federal Government, and

–        From which the Fund shall pay amounts payable as loans to qualified applicants for tuition, fees, charges, and upkeep, as well as the Fund’s operational expenses and such expenditures necessary to attaining the Fund’s objectives and functions.

(e)   Changes to eligibility criteria for applicants

–          Removes the family income threshold so Nigerian students can apply for these loans and accept responsibility for repayment according to the Fund’s guidelines.

–          Removes the guarantor requirement so that students can apply for and receive loans subject to application and identity verification guidelines as provided by the Fund.

–          Student applicants can no longer be disqualified based on their parent’s loan history.

(f)     Establishes a justice and fairness provision mandating the Board to ensure a minimum national spread of loans approved and disbursed in each financial year.

(g)    Applicants to the Fund may apply for loans to cover tuition and other fees payable to the school and maintenance allowance payable to the student.

(h)   Repayment of loans by beneficiaries

–         The Fund shall not initiate loan recovery efforts until two years after the completion of the National Youth Service Programme.

–          A beneficiary may request an extension of enforcement action by the Fund by providing a sworn affidavit indicating that he/she is not employed in any capacity and is not receiving any income.

–          Only a person who provides a false statement to the Fund under this section is guilty of a felony and is liable to imprisonment for three years.

–          Makes provision for loan forgiveness in the event of death or acts of God causing inability to repay.

The Act effectively removes the previous encumbrances found in the first iteration of the Act, and paves the path for the protection of Nigeria’s future by ensuring that citizens have the means to fund their education, acquire critical skills, and become productive contributors to national development.

Tags: Bola Ahmed TinubuNigeria Government
Previous Post

COREN Sends warning to UNICAL and Adamawa Varsity, threatens to ‘Blacklist’ Engineering Courses

Next Post

PSG Pull Clear of Arsenal in Race to Sign Osimhen‌

Next Read

BREAKING:  Acting INEC Chair Assumes Office
Breaking News

BREAKING: Acting INEC Chair Assumes Office

...

Read moreDetails
What you need to Know about ‘New deadly’ Lakurawa Group Terrorising Nigeria’s Northwest
Breaking News

27 Killed as Bandits Strike Again in Kogi Communities

...

Read moreDetails
JUST IN: Tinubu’s Minister Nnaji Involved in Certificate Scandal
Breaking News

JUST IN: Tinubu’s Minister Nnaji Involved in Certificate Scandal

...

Read moreDetails
Zamfara LG Chairman Sparks Buzz After Sharing Phones, Power Banks to Youths (Video)
Breaking News

Zamfara LG Chairman Sparks Buzz After Sharing Phones, Power Banks to Youths (Video)

...

Read moreDetails
Fresh Graduate Gunned Down by Stray Bullet After Collecting NYSC Call-Up
Breaking News

Fresh Graduate Gunned Down by Stray Bullet After Collecting NYSC Call-Up

...

Read moreDetails
15 Die in Kwara road Accident
Breaking News

Kwara Elders Blast Saraki Over Security Remarks

...

Read moreDetails
President Tinubu arrives Brazil for G20 summit
Breaking News

Tinubu Boasts 12 Big-Wins as Nigeria Marks 65th Independence

...

Read moreDetails
18 Key Highlights from Tinubu’s 65th Independence Day Speech
Breaking News

18 Key Highlights from Tinubu’s 65th Independence Day Speech

...

Read moreDetails
Next Post
PSG Pull Clear of Arsenal in Race to Sign Osimhen‌

PSG Pull Clear of Arsenal in Race to Sign Osimhen‌

US, Australia, Poland react as Israel Admits ‘Grave Mistake’ after Killing Seven aid Workers in Gaza

US, Australia, Poland react as Israel Admits 'Grave Mistake' after Killing Seven aid Workers in Gaza

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

iDeemlawful

Copyright © 2019 iDeemlawful.

Useful Links

  • About
  • Advertise
  • Editorial
  • Support

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Copyright © 2019 iDeemlawful.