Tinubu Writes Reps To Re-enact Student Loans Bill

…Gets Expeditious Hearing, Scales Second Reading

President Bola Tinubu on Thursday transmitted a letter to the House of Representatives seeking the repeal and reenactment of the Students Loan Bill.

This comes barely 48hrs after after the federal government announced the indefinite suspension of the loan scheme

The letter which was read by the Speaker, Tajudeen Abbas, during plenary on Thursday was titled
TRANSMISSION OF STUDENT LOANS (ACCESS TO HIGHER EDUCATION) (REPEAL AND RE-ENACTMENT) BILL, 2024 and dated March 14, 2024.

The President said this 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).

The letter reads, “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 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.”

Meanwhile the Bill to repeal and reenact the scheme, which was presented during plenary on Thursday, received expeditious hearing as it scaled first and second reading.

It was titled, “A Bill for an Act to Repeal the Students Loans (Access to Higher Education) Act, 2023 and Enact the Student Loans (Access to Higher Education) Bill, 2024 to Establish the Nigerian Education Loan Fund as a Body Corporate to Receive, Manage and Invest Funds to Provide Loans to Nigerians for Higher Education, Vocational Training and Skills Acquisition and for Related Matters (HB.1266).

The existing Act was one of the first legislations signed by Mr Tinubu after his inauguration.

All the lawmakers who debated the matter were unanimous in their agreement that it should be passed to law as quickly as possible for the benefit of Nigerian education.