Tinubu asks Reps to replace Student Loan Bill, 9 months after it became law
By Jeph Ajobaju, Chief Copy Editor
Bola Tinubu has asked the House of Representatives to repeal and replace the Student Loan Bill intended to help fund tertiary education, nine months after he signed into law in June 2023 and after several postponements of the launch of the scheme.
The President made the request in a letter to the Lower Chamber dated March 14 –titled, TRANSMISSION OF STUDENT LOANS (ACCESS TO HIGHER EDUCATION) (REPEAL AND RE-ENACTMENT) BILL, 2024 – which Speaker Tajudeen Abbas read out at plenary the same day on Thursday.
Tinubu said the new bill is to enhance the implementation of the Higher Education Student Loan Scheme by addressing challenges about its management and funding.
“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,” he stated in the letter.
“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.”
News bill scales first and second reading
The new bill was presented during plenary on Thursday and it received expeditious hearing, scaling first and second reading.
It is 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)”.
All lawmakers who debated the bill spoke in favour, saying it should be passed into law as quickly as possible for the benefit of Nigeria’s tertiary educational system.
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