President Bola Tinubu has transmitted a letter to the House of Representatives seeking the repeal and reenactment of the Student Loan Bill.
During plenary on Thursday, the Speaker of the House, Abbas Tajudeen, read the letter transmitting the Student Loans Repeal and Enactment Bill from the President.
According to the letter, President Tinubu explained that the request for repeal of the Student Loans Act 2023 and a fresh enactment is to address some challenges with the earlier Act and to enhance the implementation of the student loan scheme by his administration.
“Pursuant to 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 letter partly read.
“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.”
Tinubu’s letter comes barely 48 hours after the Federal Government announced the suspension of the loan scheme.
On Wednesday, Executive Secretary of the Tertiary Education Trust Fund, (TETFund), Sonny Echono, had said the delay in the implementation of the bill was due to some observations raised by the National Assembly.
Stakeholders have raised issues around the student loans scheme, especially as it has to do with eligibility requirements, funding sources, disbursement, and repayment procedures, among others.
In June 2023, Tinubu signed a Bill to start a Student Loan Fund that would give interest-free loans to Nigerians for higher education.
