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The National Assembly has passed the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024.

This revamped legislation aims to make student loans more accessible and establish clearer repayment terms.

The bill follows President Bola Tinubu’s request to revise the initial Student Loan Bill passed in June 2023.

The President cited concerns about the program’s initial implementation and proposed changes to ensure its smooth operation.

According to the bill, the family income threshold requirement and the need for a guarantor are no longer needed, making it easier for students from diverse backgrounds to apply.

Loan approval will hinge on verification criteria set by the Nigerian Education Loan Fund (NELFUND).

The new legislation also mandates fair distribution of approved loans across the country.

Loan repayment begins upon securing employment, with a two-year grace period after completing the National Youth Service Corps program and deferral options are available for unemployed graduates.

The bill stated that providing false information during the loan application process is a criminal offense and penalties can be severe, reaching up to three years’ imprisonment.

Provisions exist for loan forgiveness in extenuating circumstances like death or natural disasters.

For more information on student loans in Nigeria, check out these guides:

Top 10 Student Loan Apps in Nigeria

Student Loan Trust Fund

Mpower Student Financing Loan

The National Association of Nigerian Students (NANS) has proposed that student loan repayment should begin five years after NYSC (National Youth Service Corps).

The NANS President, Lucky Emonele, advocated this at Abuja on Monday, during the repeal and re-enactment of the 2024 Students Loans Access to Higher Education Bill.

He stated that the current proposal requiring repayment to begin two years after NYSC completion was unrealistic.

Emonele also noted that there was a low graduate employment rate within that timeframe, with less than 10% securing jobs.

The Minister of Education Prof. Tahir Mamman, lauded President Tinubu’s commitment to education and noted the importance of the public hearing in serving the interest of Nigerian students.

Other notable personalities at the hearing were the Chairman of the committee, Senator Muntari Dandutse, and the Deputy Senate President, Jibrin Barau.

An extended repayment period, as proposed by NANS, would give graduates more time to get on their feet financially.

Check out our guide for more information on student loans in Nigeria

Zenith Bank Plc, a leading financial institution in Nigeria, has announced a historic move with the appointment of Dr. Adaora Umeoji as its first female Group Managing Director and Chief Executive Officer (GMD/CEO).

This was disclosed in a statement signed by the Company’s Secretary, Michael Otu, on Tuesday.

Dr. Umeoji’s tenure will officially begin on June 1, 2024, succeeding the current GMD, Dr. Ebenezer Onyeagwu, whose term concludes on May 31st.

Zenith Bank in a statement filed with the Nigerian Exchange Limited, stated that Dame (Dr.) Adaora’s extensive experience and qualifications made her a perfect fit to lead the bank into the future.

Dr. Umeoji brings a wealth of knowledge to the role, having served as Zenith Bank’s Deputy Managing Director since 2016.

The new CEO boasts a distinguished academic background, holding a bachelor’s degree in Sociology, a bachelor’s degree in Accounting, and a first-class honors degree in Law.

She also has a Master of Laws, an MBA, and a Doctorate in Business Administration.

Her appointment serves as a powerful inspiration for women across Nigeria’s financial sector, demonstrating the limitless possibilities for leadership excellence.