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Laws of the Federation Preview 53 min read

Students Loans (Access to Higher Education) Act, 2024

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STUDENTS LOANS (ACCESS TO HIGHER EDUCATION) ACT, 2024

An Act to repeal the Students Loans (Access to Higher Education) Act, 2023 and enact the Students Loans (Access to Higher Education) Act, 2024 to establish the Nigerian Education Loans Fund for the purpose of providing loans to Nigerian students to pay for tuition, fees, charges and upkeep during their course of study in approved tertiary institutions, vocational and skills acquisition institutions in Nigeria; and for related matters.

ENACTED by the National Assembly of the Federal Republic of Nigeria

Establishment of the Nigerian Education Loans Fund.

1.

(1) There is established the Nigerian Education Loans Fund (in this Act referred to as “the Fund”).
(2) The Fund-
(a) is a body corporate with a common seal, perpetual succession; and
(b) may sue and be sued in its corporate name.
(3) Subject to the limitations contained in this Act, the Fund may acquire, hold and dispose of movable and immovable property for the purpose of its functions and objectives.

Objectives of the Fund.

2.

The objectives of the Fund are to-

(a) provide loans to qualified Nigerians to pay for tuition, fees, charges and upkeep during their course of study in approved tertiary institution, vocational and skills acquisition institutions in Nigeria;
(b) 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; and
(c) ensure the recovery of all debts due to the Fund from loans granted to qualified applicants except, where the Board is of the opinion that the borrower should be exempted from repaying his loan by reason of- (i) death, or (ii) incapacitation where such results in impossibility or undue difficulty in meeting repayment obligations.

Functions of the Fund.

3.

The functions of the Fund are to-

(a) receive and process applications for loans from Nigerian students and intending students of approved tertiary institutions, vocational and skills acquisition institutions in Nigeria;
(b) approve and disburse loans or reject loan applications, subject to the policies, guidelines and criteria set by the Board;

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