Abuja, March 14, 2024 – President Bola Tinubu has sent a new bill on the students’ loan scheme to the National Assembly.
The new bill is seeking to repeal the current Act which was one of the first set of bills to be signed into law by Tinubu.
The bill was sponsored by Femi Gbajabiamila, former Speaker of House of Representatives.
Tinubu, in the letter addressed to Speaker of the House of Representatives, said the action was to ensure easy implementation of the scheme.
The government has been struggling with the implementation of the scheme and has postponed the takeoff of the scheme a couple of times.
On Tuesday, a top government official announced the indefinite suspension of the student loan scheme.
In the letter, the president said the new bill would address the “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.”
The letter read: 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.” (GBN)
