By Ken Afor
President Bola Ahmed Tinubu, on Thursday, asked the House of Representatives to repeal and reenact the Student Loan Bill.
This was indicated in a letter titled “Transmission Of Student Loans (Access To Higher Education) (Repeal And Re-enactment) Bill, 2024,” dated March 14, 2024.
According to the letter, the President is requesting 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.”
The bill was given a speedy hearing as members who debated on the matter spoke with one voice, and it scaled through the first and second readings.
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).
It would be recalled that in June 2023, President Tinubu signed into law the Student Loan Bill in fulfillment of his campaign promise.
The scheme is expected to provide easy access to higher education for Nigerian students through interest-free loans from the Nigerian Education Loan Fund (NELF).
