10 things to know about the newly revised 2024 Student Loan Act - Newstrends
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10 things to know about the newly revised 2024 Student Loan Act

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10 things to know about the newly revised 2024 Student Loan Act

President Bola Tinubu recently signed the 2024 newly revised Student Loan Bill into law, thus repealing the earlier 2023 Student Loan legislation with immediate effect.  

The new Student Loan Act also known Access to Higher Education Act, 2024, aimed to address some of the loopholes of the previous Student Loan law while introducing new and comprehensive coverage for those seeking tertiary education or technical and vocational skills development. 

In this analysis, Newstrends explores key facets of the Act and their impact on Nigerian students. 

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Below are ten things to know about the 2024 Student Loan Act 

  1. Establishment of NELFUND: First and foremost, the Act stipulates the establishment of the Nigeria Education Loan Fund (NELFUND) as a corporate body 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. 
  2. NELFUND to provide loans to qualified Nigerians for tuition, fees, charges, and upkeep: The fund is designed to offer loans to eligible Nigerians, covering tuition, fees, charges, and living expenses for their education in recognized higher education and vocational training institutions within Nigeria. 
  3.  Set Up Structure for Funding NELFUND: The Act also stipulates the process and structure through which NELFUND will be funded. According to the 2024 Student Loan Act, the student loan program will be financed by allocating 1% of all taxes, levies, and duties that the Federal Inland Revenue Service (FIRS) collects and that go to the Federal Government, directing these funds to a General Reserve Fund. 
  4. Removal of Family Income Barrier: Prior to the enactment of the 2024 Student Loan Act, the family income of an applicant was a determining factor for loan approval. The applicant’s family income must not exceed N500,000 per annum. Under the revised law, however, this requirement has been removed, and family income will no longer be a prerequisite for eligibility for the student loan.  
  5. Removal of Guarantor Barrier: The 2023 Student Loan Act stipulated that an applicant must provide a minimum of two guarantors. The guarantors must fall into one of the following categories: (i) Civil servants of at least level 12 in the service, (ii) Lawyers with a minimum of 10 years of post-call experience, (iii) Judicial officers, or (iv) Justices of the peace. The 2024 legislation has no such requirement.  
  6. Loan to include Skill-development Programs: According to the 2024 Student Loan Act, application is not restricted to students in tertiary institutions alone, but also those seeking skill-development programs. The 2024 Act is inclusive to those who want to learn vocational or technical skill in a government-owned institution, but do not have the resources to do so.
  7. Removal of Parents’ Loan History as a Prerequisite: The Act also stipulates the removal of parent’s loan history as a prerequisite for securing the loan for eligible candidates. 
  8. Beneficiaries to begin repayment 2 years after NYSC: The revised law also stipulates that recovery process from beneficiaries of the loan scheme would commence two years after the National Youth Service Scheme (NYSC). 
  9. Punishment for filing false Statement to NELFUND: The newly revised Student Loan Act also stipulates punishment for those who provide false Statement to the Fund. Such person under this section is guilty of a felony and is liable to imprisonment for three years. 
  10. Debt Forgiveness: Lastly, the Act offers a Debt Forgiveness clause in the event of death or acts of God causing inability to repay. In sum, the presidential spokesperson, Ajuri Ngelale, noted that the updated Act addressed the hindrances in the initial version, setting the stage for safeguarding Nigeria’s prospects. According to him, it makes it possible for citizens to fund their studies, learn vital skills, and play a role in national growth. 

10 things to know about the newly revised 2024 Student Loan Act

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Agbedi Emerges House Minority Leader as Reps End Leadership Tension

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Agbedi Emerges House Minority Leader as Reps End Leadership Tension
Hon. Frederick Agbedi

Agbedi Emerges House Minority Leader as Reps End Leadership Tension

The House of Representatives has confirmed a new leadership team for its minority caucus, ending weeks of political tension and internal disagreements among opposition lawmakers.

Hon. Frederick Agbedi of the Peoples Democratic Party (PDP), representing Sagbama/Ekeremor federal constituency of Bayelsa State, emerged as the new Minority Leader during Thursday’s plenary in Abuja.

Speaker Tajudeen Abbas announced the decision while reading a formal letter from the minority caucus, also confirming Hon. Abdulsamad Dasuki (ADC, Sokoto) as Deputy Minority Leader, and Hon. Mansur Soro (APM, Bauchi) as Minority Whip.

Abbas said: “Today, the body of principal officers is complete… we congratulate the three members and wish them well.”

The leadership change followed the resignation of former Minority Leader Hon. Kingsley Chinda, who left the PDP after winning the APC governorship primary in Rivers State, creating a vacuum that triggered intense lobbying.

Tensions escalated when Hon. Ikenga Ugochinyere, initially nominated by the G-60 opposition bloc, withdrew his candidacy following a controversial amendment to the House Standing Orders.

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The amendment, sponsored by Hon. Babajimi Benson, introduced a requirement that principal officers must have completed at least one full four-year term in the House, effectively excluding first-term lawmakers.

Before the plenary, G-60 lawmakers staged a brief protest in the chamber, chanting “No announcement, no sitting,” insisting on their preferred leadership arrangement. The protest later subsided.

Ugochinyere, in a withdrawal letter read on the floor, said the decision followed changes to the House rules and was made in the interest of institutional order and unity within the caucus.

During the announcement, Speaker Abbas confirmed the consensus nomination of Agbedi and his deputies, noting that the House would work with the new leadership to achieve its legislative agenda.

Agbedi, a seasoned lawmaker who has represented his Bayelsa constituency since 2011, is expected to coordinate opposition activities in the chamber ahead of the 2027 general elections.

The new minority leadership team will oversee opposition engagement in a House dominated by the ruling All Progressives Congress (APC), with responsibilities including legislative scrutiny and policy oversight.

Agbedi Emerges House Minority Leader as Reps End Leadership Tension

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Xenophobia: FG Receives 270 Nigerians Returning Voluntarily from South Africa

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Xenophobia: FG Receives 270 Nigerians Returning Voluntarily from South Africa

Xenophobia: FG Receives 270 Nigerians Returning Voluntarily from South Africa

The Federal Government has received 270 Nigerian citizens who returned from South Africa under an ongoing voluntary return and reintegration programme coordinated by relevant government and humanitarian authorities.

The returnees arrived at the Murtala Muhammed International Airport, Ikeja, Lagos, on Thursday after completing mandatory registration, documentation, and screening processes required for participation in the initiative.

Officials confirmed that the exercise was jointly facilitated by government agencies and partner organisations to ensure the safe, orderly, and dignified return of Nigerian citizens willing to come back home.

In a statement issued by the Lagos Operations Office of the National Emergency Management Agency (National Emergency Management Agency), the agency said its officials, alongside other stakeholders, were on ground at the airport to receive the returnees and coordinate immediate humanitarian support.

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The statement, signed by the Head of Operations, NEMA Lagos Operations Office, Mr Mohammed Olatunde, noted that the return programme is designed to support Nigerians abroad who voluntarily choose to return, particularly in situations involving economic hardship, safety concerns, or difficult living conditions.

According to him, the returnees had duly registered for the programme and completed all required screening procedures before departing South Africa, ensuring compliance with established migration protocols.

On arrival in Lagos, the returnees were assisted through immigration clearance and profiling procedures, after which arrangements were made for their onward movement to different parts of the country.

Olatunde explained that the Federal Government provided transportation support to help ease their movement from Lagos to their respective destinations across Nigeria.

He further disclosed that medical personnel and emergency response teams were stationed at the airport to provide immediate attention to any returnee requiring healthcare services upon arrival.

Reaffirming NEMA’s role in the operation, he said the agency remains committed to humanitarian coordination, emergency response, and the welfare of Nigerians returning from abroad under organised frameworks.

He added that the initiative reflects ongoing collaboration between Nigerian authorities and international partners aimed at ensuring the safe reintegration of returnees into their communities.

Authorities also noted that the programme includes post-arrival support measures, which may involve referrals for psychosocial support, transportation assistance, and reintegration guidance to help returnees resettle productively.

Officials stressed that the voluntary return initiative is part of broader migration management efforts and diplomatic engagements designed to support Nigerians abroad while ensuring their dignity and safety.

The arrival of the 270 returnees comes amid continued concerns over xenophobic tensions in South Africa, which have previously affected foreign nationals, including Nigerians, prompting periodic evacuation and return programmes.

Xenophobia: FG Receives 270 Nigerians Returning Voluntarily from South Africa

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BREAKING: House of Reps Passes State Police Bill

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BREAKING: House of Reps Passes State Police Bill

BREAKING: House of Reps Passes State Police Bill

The House of Representatives has passed the constitutional amendment bill seeking to establish State Police in Nigeria, marking a significant milestone in the country’s efforts to tackle rising insecurity through decentralised policing.

Lawmakers approved the bill during plenary on Thursday as part of the ongoing review of the 1999 Constitution, paving the way for one of the most far-reaching security reforms in Nigeria’s democratic history.

The proposed legislation seeks to amend the Constitution to allow states to establish and operate their own police services alongside the Nigeria Police Force (NPF). At present, policing is exclusively controlled by the Federal Government, with the Nigeria Police Force serving as the country’s only constitutionally recognised police institution.

The passage of the bill comes amid increasing calls for State Police as Nigeria grapples with persistent security challenges, including banditry, terrorism, kidnapping, communal clashes and other violent crimes across various regions.

Supporters of the proposal argue that a decentralised policing structure would improve intelligence gathering, enhance community policing and enable faster responses to security threats at the local level. They also believe governors and local authorities are better positioned to understand the unique security concerns within their states.

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The Deputy Speaker of the House of Representatives and Chairman of the House Committee on Constitution Review, Benjamin Kalu, had previously described the establishment of State Police as a critical step toward strengthening Nigeria’s security framework.

According to proponents, the current centralised policing system has become overstretched due to the country’s growing population and increasingly complex security landscape.

The push for State Police in Nigeria has gained momentum in recent months following consultations involving the Presidency, state governors, security agencies, lawmakers and civil society organisations.

President Bola Tinubu’s administration has repeatedly expressed support for discussions around policing reforms, with many governors also backing the proposal as a means of improving security at the grassroots level.

However, the initiative has continued to spark debate among stakeholders.

While advocates maintain that state-controlled police formations would improve security and accountability, critics have raised concerns that state governments could misuse such forces for political purposes, particularly during elections and periods of political tension.

To address these concerns, lawmakers have indicated that constitutional safeguards, oversight mechanisms and operational guidelines would be incorporated into the framework to prevent abuse and ensure professionalism.

Despite its passage by the House of Representatives, the bill has not yet become law.

As a constitutional amendment, it must still secure concurrence from the Senate and be approved by at least two-thirds of the 36 State Houses of Assembly before it can be transmitted to President Bola Tinubu for assent.

If eventually enacted, the legislation would fundamentally reshape Nigeria’s policing system and represent one of the most significant constitutional reforms since the return to democratic rule in 1999.

The latest development is expected to reignite nationwide conversations on security sector reforms, federalism and the devolution of powers within the Nigerian federation.

BREAKING: House of Reps Passes State Police Bill

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