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

Published

1 month ago

April 5, 2024

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

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.
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.
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.
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.
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.
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.
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.
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).
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.
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

News

Nigeria will stop fuel importation by June – Dangote

Published

15 hours ago

May 18, 2024

Trends Admin

Alhaji Aliko Dangote, the CEO of Dangote Group

Nigeria will stop fuel importation by June – Dangote

Aliko Dangote, Africa’s richest person, has announced that Nigeria will cease importing petrol by June.

Speaking at the Africa CEO Forum Annual Summit in Kigali, Dangote revealed that his refinery will commence production next month, meeting Nigeria’s petrol needs and eliminating the need for imports.

“Right now, Nigeria has no cause to import anything apart from gasoline and by sometime in June, within the next four or five weeks, Nigeria shouldn’t import anything like gasoline; not one drop of litre,” he said.

The refinery will also produce diesel, aviation fuel, and other essential products, making Africa self-sufficient in these commodities.

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With a capacity of 650,000 barrels per day, the refinery will meet the demands of West Africa and beyond.

Dangote emphasized that the refinery will not only focus on petroleum products but also produce polypropylene, polyethylene, base oil, and linear benzyl, raw materials essential for producing detergents and other products.

This will reduce Africa’s reliance on imports and make the continent self-sufficient in these critical products.

Dangote expressed his optimism that within three to four years, Africa will no longer need to import fertilizers, as his refinery will produce urea, potash, and phosphate, meeting the continent’s needs.

The refinery’s second phase is set to begin early next year, further expanding its operations and impact on Africa’s energy landscape.

Nigeria will stop fuel importation by June – Dangote

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Olanipekun, Yayale, Elechi, Yusuf Ali, others named higher institutions’ governing council chairmen

Published

16 hours ago

May 18, 2024

Trends Admin

Olanipekun, Yayale, Elechi, Yusuf Ali, others named higher institutions’ governing council chairmen

President Bola Tinubu’s administration has unveiled a list of appointees to the governing councils of 111 federal universities, polytechnics, and colleges of education.

Notable figures among the appointees include former Independent National Electoral Commission (INEC) Chairman, Attahiru Jega; Senior Advocates of Nigeria Wole Olanipekun, former Bauchi governor, Isa Yuguda, and Yusuf Alli.

Others are former National Universities Commission Executive Secretary, Peter Okebukola; and labour activist, Issa Aremu. The individuals have been selected to lead the councils of various academic institutions across the country.

The announcement follows a recent ultimatum issued by the Academic Staff Union of Universities (ASUU), which demanded the Nigerian government address issues such as the alleged illegal dissolution of university governing councils and the continued use of the Integrated Payroll and Personnel Information System (IPPIS) for salary payments.

The Federal Ministry of Education responded by assuring that these concerns were being handled and that the list of council members would be released soon.

The appointments, signed by Permanent Secretary Didi Walson-Jack of the Federal Ministry of Education, include five representatives each for 50 universities, 37 polytechnics, and 24 colleges of education.

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Specifically, Attahiru Jega has been appointed Chairman of the Governing Council of Usmanu Danfodio University, Sokoto. Wole Olanipekun will chair the University of Lagos, while Yusuf Alli takes on the Federal University of Agriculture, Abeokuta.

Peter Okebukola will lead the University of Port Harcourt, and Issa Aremu will head the Federal College of Education (Technical) in Keana, Nasarawa State while Yuguda will chair the National Open University of Nigeria (NOUN).

Furthermore, former Senator Joy Emordi will lead Alvan Ikoku Federal University of Education in Owerri; and former Secretary to the Government of the Federation, Yayale Ahmed, will head the council of Ahmadu Bello University in Zaria.

Adamu Rasheed, the immediate past Executive Secretary of the NUC, has been appointed to the Federal University of Health Sciences, Otukpo in Benue State.

The new governing council members are scheduled for inauguration and a retreat on May 30 and 31 at the National Universities Commission’s headquarters in Abuja.

In June 2023, President Tinubu dissolved the governing councils of several key government agencies and higher education institutions, a move that sparked criticism from various stakeholders. They argued that the University Miscellaneous Act grants universities and their councils autonomy to self-regulate.

Olanipekun, Yayale, Elechi, Yusuf Ali, others named higher institutions’ governing council chairmen

News

UK lawmaker lauds EFCC, says Africa underestimates its strength

Published

22 hours ago

May 18, 2024

Trends Admin

UK lawmaker lauds EFCC, says Africa underestimates its strength

In a significant boost to Nigeria’s anti-corruption efforts, the Economic and Financial Crimes Commission (EFCC) has received international recognition for its tireless work in tackling corruption.

Baroness Verma Sandy of Leicester, a member of the United Kingdom’s House of Lords, has commended the EFCC for its dedication to fighting corruption and promoting good governance in Nigeria.

During a visit to the EFCC headquarters in Abuja on Friday, Baroness Verma Sandy praised the Commission’s new leadership under Executive Chairman, Mr. Ola Olukoyede, for repositioning the organization on the path of professionalism and effectiveness.

She expressed confidence that the EFCC’s efforts would help change the global perception of Africa and build new confidence in the continent.

The Baroness, who led a six-man delegation of the UK-based African Leadership Organisation, acknowledged the EFCC’s efforts in shaping better narratives for Nigeria and praised the Commission’s innovative approaches to tackling corruption.

She emphasized the importance of international collaboration in the fight against corruption and encouraged the EFCC to continue its good work.

Sandy said: “We are so glad to be here. It is important having this organization led by somebody who has brought incredible positive changes to the country. And I want to thank all of your colleagues here for engaging with us today. I believe passionately on the strength of the African Continent. I am not connected at all to Africa, but I have been a champion for a continent that has under-estimated its own strength but has got so much to offer the world. And I think your organization will help change the perceptions and build new confidence. So, I am so pleased and honoured to be here.”

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EFCC Chairman, Mr. Olukoyede, thanked the Baroness and her delegation for identifying with the Commission and acknowledging its efforts.

He reiterated the EFCC’s commitment to tackling corruption and promoting good governance, emphasizing that corruption is a major obstacle to Africa’s development.

He highlighted the Commission’s new focus on prevention and addressing systemic issues that enable corruption, as well as its efforts to stimulate economic growth and prevent foreign exchange sharp practices.

The EFCC Chairman also applauded President Bola Ahmed Tinubu for the liberty of operation accorded to the Commission, enabling it to pursue its mandate without interference.

He emphasized the importance of political will in the fight against corruption and praised the President’s support for the EFCC’s efforts.

Olukoyede said, “On behalf of the entire management of EFCC, we are glad to have you in our midst. I want to thank you for identifying with what we do. You have an interest in Africa and I want to tell you that Africa has great potential. The major problem is bad governance. We need good governance to channel our human and natural resources rightly and bring Africa on top of the world.

“That is what people like us are advocating using the instrumentality of law enforcement and anti-corruption fight. Corruption is something we have to deal with. Every challenge we face in our daily life, insecurity, bad governance, lack of infrastructural development are all linked to corruption.

“Upon my assumption of office, I said I will use the instrumentality of the anti-corruption fight to stimulate growth in the economy because while enforcing laws against financial crimes, we also enforce against economic crimes. Anything can vitiate economic and infrastructural development, we are empowered by law to investigate it and bring the offenders to book. In this part of the world, you have to be courageous in order to realize your mandate. One thing that is going for us is the political will of the president. The government in power is supporting us and not interfering in what we do.

“We have tried to bring some innovations in the way we do things. Traditionally, the EFCC has been concentrating more on investigation and prosecution, and I discovered that the more we do that, the tougher the problem becomes. We are now trying to shift our focus, not necessarily away from enforcement, but we are looking more on the paths of prevention. We are looking more at the cause of the problems.

“Fundamentally, there is nothing wrong with Nigerians. Nigerians are good people. Given they find themselves outside the country and given the right ecosystem, you see Nigerians perform excellently well. We are looking into our systems; we are looking into our structures; we are looking into what actually allows corruption to fester in addition to making people account for their bad deeds while in office. So, we concentrate more on prevention now.

“What we deal with is white collar crime, which is non-violent. So we want people to own the fight. When you see something, you say something.”