President Bola Tinubu has written to the Federal House of Representatives seeking the repeal of the Students Loans Act 2023 and the enactment of the Students Loan Bill 2024.
The House Speaker, Tajudeen Abbas read the letter transmitting the Students Loans Repeal and Enactment Bill from the president during plenary on Thursday, March 14.
According to Tinubu in the letter, the request for repeal of the Students Loans Act 2023 and a fresh enactment is to address some challenges with the earlier Act and to enhance the implementation of the students loan scheme by his administration.
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.”
It will be recalled that in June 2023, Tinubu signed a Bill to commence a Students Loan Fund that would give interest-free loans to Nigerians for higher education.
In the same 2023, Tinubu had promised that the scheme would take off with effect from January 2024.
However, the implementation has yet to take off, triggering criticisms.
The Executive Secretary of the Tertiary Education Trust Fund, TETFund, Sonny Echono, on Wednesday, March 13, 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 students loan scheme, especially as it has to do with eligibility requirements, funding sources, disbursement, and repayment procedures, among others.
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