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The student loan bill has been passed by the National Assembly, which includes both the Senate and the House of Representatives.
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The bill, which passed first, second, and third readings in both legislative sessions, became law on Wednesday.
The Senate resolution came after the Committee on Tertiary Institutions and TETFUND's report had been considered.
Muntari Dandutse, the committee's chairman, presented the findings during the plenary session.
President Bola Tinubu wrote to the National Assembly on March 14 to repeal and reenact the student loan measure.
Tajudeen Abbas, Speaker of the House of Representatives, read the President's letter in plenary.
The President also issued a similar letter to the Senate, requesting "expeditious consideration."
Godswill Akpabio, President of the Senate, read the Senate's version during plenary in the red chamber.
"According to Section 58 (2) of the Federal Republic of Nigeria's 1999 Constitution (as amended), I am submitting the Student Loan (Access to Higher Education) (Repeal and Re-enactment) Bill, 2024 for the House's consideration.
“The Student Loan (Access to Higher Education) (Repeal and Re-enactment) Bill, 2024 seeks to enhance the implementation of the Higher Education Student Loan Scheme by addressing challenges related to the management structure of the Nigerian Education Loan Fund (NELF), applicant eligibility requirements, loan purpose, funding sources, and disbursement and repayment procedures,” Tinubu’s letter read.
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Akintunde Sawyer, the Executive Secretary of the Nigerian Education Loan Fund, had stated in an interview that the scheme's rollout had been halted indefinitely.
According to him, the lending scheme was postponed due to some corrections that were being made prior to its introduction.
"Unfortunately, I will not be able to commit to a particular day. We are waiting to guarantee that all parties are on the same page so that no one is caught off guard, and then we can roll this out in a meaningful, comprehensive, healthy, and sustainable manner," he stated.
However, Sonny Echono, Executive Secretary of the Tertiary Education Trust Fund, stated that the launch was merely postponed for a few weeks, not indefinitely.
Echono stated, "The loan has not been postponed indefinitely." There's only a little housekeeping to be done. The President has made plans for the launch."
Tinubu signed a law in June 2023 to establish a Students Loan Fund, which would provide Nigerians with interest-free loans for higher education.
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Femi Gbajabiamila, a former Speaker of the House of Representatives, introduced the measure, which was scheduled to begin between September and October 2023.
Meanwhile, Tinubu announced that the project would commence in January 2024, having missing the October deadline.