Tinubu submits revised student loan bill, urges Reps to re-enact

President Bola Tinubu has urged the House of Representatives to repeal and reauthorize the student loan bill, citing reasons for the request.

The recommendation, made in a letter delivered by Speaker Tajudeen Abbas during Thursday’s plenary session, outlines recommended modifications aimed at resolving concerns preventing the Higher Education Student Loan Scheme’s proper operation.

In the letter, President Tinubu identifies several areas for improvement, including the management structure of the Nigerian Education Loan Fund (NELF), applicant eligibility requirements, loan purposes, financing sources, and distribution and repayment procedures.

President Tinubu submits the Student Loan (Access to Higher Education) (Repeal and Re-Enactment) Bill, 2024, for the House’s consideration, citing Section 58(2) of the Constitution of the Federal Republic of Nigeria, 1999 (as amended), with the aim of fast review.

“Under 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.”

The request received a second reading from parliamentarians, indicating initial support for the proposed changes.

President Tinubu earlier signed a Student Loan Bill presented by former Speaker Femi Gbajabiamila in 2023, with the goal of improving students’ access to tertiary education loans.

However, the legislation was criticised for its apparent deficiencies in helping impoverished kids.

Recall that Topnaija disclosed that Akintunde Sawyer, Executive Secretary of the Nigerian Education Loan Fund (NELFUND), on Tuesday, March 12, claimed the necessity for extra revisions to the scheme’s implementation as the reason for the delay, which has left numerous prospective students in the dark.