Overview

The Students Loans (Access to Higher Education) Act, 2023 is a Nigerian law that repeals the Nigerian Education Bank Act of 2004 and establishes a framework for providing interest-free loans to indigent Nigerian students for higher education. The Act creates the Nigerian Education Loan Fund (NELFUND), domiciled with the Central Bank of Nigeria and administered by money deposit banks. A Special Committee chaired by the Governor of the Central Bank oversees the Fund. Key provisions include equal access without discrimination, loans limited to tuition fees, eligibility requirements such as admission to a public institution, and repayment terms. The Act outlines disqualifications (e.g., loan default, false information, criminal convictions), application methods through higher institutions, and disbursement processes. It includes sections on annual reporting, repeal of prior legislation, and interpretation of terms. The Act aims to enhance access to higher education in Nigeria.

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