…as Reps acknowledge receipt of Tinubu’s letter on bill
The Senate on Thursday passed for second reading the Students Loans Access to Higher Education Act (Repeal and Enactment) Bill, 2024.
This followed a correspondence by the President Bola Tinubu who wrote to the Senate seeking the repeal of the existing law, and has submitted a fresh bill to be passed into law.
This request comes a day after the announcement of a temporary suspension of the commencement of the student loan scheme which would allow students of tertiary institutions access interest-free loans to complete their studies.
Senator Sani Musa, during plenary, suggested that a percentage from bank charges be deployed to the student loan fund to ensure sustainability.
The passage of the bill followed a debate by several lawmakers who lauded the executive bill which also seeks to address challenges relating to the management structure of the Nigerian Education Loan Fund (NELF), applicants’ eligibility requirements, loan purpose, funding sources and disbursement.
Meanwhile, President 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.
“While 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.
