President Bola Tinubu has asked the House of Representatives to repeal and reenact the student loan bill, explaining the reasons for the request.
Tinubu requested in a letter submitted to the Speaker, Tajudeen Abbas, which was read out at plenary on Thursday, March 14, 2024.
The president said the new bill seeks to address bottlenecks blocking the smooth implementation of the bill.
The letter reads,
- “Under Section 58(2) of the Constitution of The Federal Republic of Nigeria, 1999 (as amended). I forward, herewith, The Student Loan (Access to Higher Education) (Repeal and Re-Enactment) Bill, 2024 for the kind consideration of the House of Representatives.
- “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.
- “Whilst hoping that this submission will receive the usual expeditious consideration of the House of Representatives, please accept, Rt. Honourable Speaker, the assurances of my highest consideration.”
The request was scaled second reading before the lawmakers.
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What you should know
- President Tinubu had signed a Students Loan loan bill initiated by former Speaker of the House of Representatives, Femi Gbajabiamila, in 2023.
- The act created a means through which students could access loans to further their tertiary education aspirations.
- At the time, the act created a timeline for students to repay the loan, but it was greeted with widespread criticism as many Nigerians felt the legislation was not for the benefit of the underprivileged.
- As of yesterday, the Executive Secretary of the Nigerian Education Loan Fund, Akintunde Sawyer disclosed in an interview that the student loan scheme was put on hold for now.