CurrentReport Blog Less than 48 hours after the federal government announced the indefinite suspension of the student loan scheme, President Bola Tinubu has swiftly taken action by sending a bill to the National Assembly aimed at repealing the current Act and passing a new bill.
President Tinubu, in a letter addressed to Speaker Tajudeen Abbas, emphasized the necessity of this action to ensure the smooth implementation of the scheme, which has faced numerous challenges since its inception.
The existing Act, one of the first legislations signed by Mr. Tinubu after his inauguration, has proven to be inadequate in addressing the complexities and practicalities of the student loan program. The bill, sponsored by Femi Gbajabiamila, Chief of Staff to the President during his speakership, signifies a concerted effort to revamp the system for improved efficiency and effectiveness.
Despite previous attempts by the government to launch the scheme, it has been plagued by implementation hurdles, leading to multiple postponements of its takeoff. The recent indefinite suspension announced just two days ago underscores the urgent need for comprehensive reform.
In his letter, President Tinubu outlined the key areas the new bill aims to address, including 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.
Tinubu’s letter:
TRANSMISSION OF STUDENT LOANS (ACCESS TO HIGHER EDUCATION) (REPEAL AND RE-ENACTMENT) BILL, 2024
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.
