Students Loans (Access to Higher Education) Act, 2023
Repealed the Nigerian Education Bank Act and set up the Nigerian Education Loan Fund, run through the Central Bank of Nigeria, to give interest-free tuition loans; itself repealed and re-enacted by the 2024 Act.
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This Act created interest-free loans for indigent Nigerians in public higher institutions, for tuition fees only, from a Fund managed by the Central Bank of Nigeria. The Presidency says its governance, eligibility, application and repayment provisions had challenges and it was repealed by the Student Loans (Repeal and Re-enactment) Act, 2024, signed 3 April 2024.
Who this affects
Students seeking higher education in public institutions in Nigeria.
What it changes
- 1Establishes the Nigerian Education Loan Fund, domiciled with and managed by the Central Bank of Nigeria (s.5).
- 2Loans may be granted for tuition fees only (s.3).
- 3Equal right to access the loans without discrimination on gender, religion, tribe, position or disability (s.2).
- 4Repealed by the Students Loans (Access to Higher Education) (Repeal and Re-enactment) Act, 2024.
3 sections
2.Equal right to access the loans
Subject to the provisions of any other enactment, all students seeking higher education in any public institution of higher learning in Nigeria shall have equal right to access the loans under this Act without any discrimination arising from gender, religion, tribe, position or disability of any kind.
3.Purpose of the loans
The loans referred to in this Act shall be granted to students only for the payment of tuition fees.
5(1)-(2).Establishment of the Nigerian Education Loan Fund
(1) There is established the Nigerian Education Loan Fund (in this Act referred to as "the Fund") which shall have the functions and powers conferred on it by this Act. (2) The Fund shall be domiciled with, managed and administered by the Central Bank of Nigeria through the money deposit banks in Nigeria for the purpose set out under section 6 of this Act
This is a readable rendering for citizens. The authoritative text is the gazetted version — linked below.
Passed· Senate
22 November 2022
Date passed by the Senate, per the certification schedule in the Act's PDF.
Passed· House
24 May 2023
Date passed by the House of Representatives, per the certification schedule.
Assented
12 June 2023
Handwritten date beside the President's signature on the certification page.
Official text
The gazetted document
Today in the Assembly
Sittings, motions and divisions, day by day
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