Lawyers' Guide
Laws of the Federation Preview 33 min read

Students Loans (Access to Higher Education) Act, 2023

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Arrangement of Sections

1. Students loans and access to higher education

2. Equal right to access the loans

3. Purpose of the loans

4. Requirements for the loans

5. Establishment of the Nigerian Education Loan Fund

6. Functions of the Fund

7. Membership of the Special Committee

8. Tenure of office

9. Cessation of office

10. Power to alter or give directive

11. Allowances and expenses

12. Sources of the Fund

13. Aims and objectives of the Fund

14. Eligibility of applicants

15. Disqualifications

16. Method of application

17. Disbursement

18. Repayment

19. Application of the Public Officers Protection Act

20. Annual report

21. Repeal and savings provisions

22. Interpretation

23. Citation

(2023)

Students loans and access to higher education

1.

Notwithstanding the provisions of any Act, enactment or Law, this Act shall apply to all matters pertaining to the application and grant of loans to Nigerians seeking higher education into institutions of higher learning in Nigeria through the Nigerian Education Loan Fund.

Equal right to access the loans

2.

Subject to the provisions of any other enactment, all students seeking higher education in any public institution of higher learning in Nigeria shall have equal right to access the loans under this Act without any discrimination arising from gender, religion, tribe, position or disability of any kind.

Purpose of the loans

3.

The loans referred to in this Act shall be granted to students only for the payment of tuition fees.

Requirements for the loans

4.

The grant of the loan to any student under this Act shall be subject to the students or applicants satisfying the requirements and conditions set out under this Act.

Establishment of the Nigerian Education Loan Fund

5.

(1) There is established the Nigerian Education Loan Fund (in this Act referred to as “the Fund”) which shall have the functions and powers conferred on it by this Act.
(2) The Fund shall be domiciled with, managed and administered by the Central Bank of Nigeria through the money deposit banks in Nigeria for the purpose set out under section 6 of this Act.
(3) The Governor of the Central Bank of Nigeria shall set up a Special Committee to perform the functions of the Fund set out under section 6 of this Act.

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