Barely a day after the federal government postponed the launch of the Students loans billed for flag-off today (Thursday), President Bola Tinubu has written to the House of Representatives seeking for the repeal of the Students Loans Act 2023.
President Tinubu, however, wrote to the Green Chamber to enact a fresh Students Loan Bill 2024 into law.
The development followed the spotting of some misgivings and area of concerned identified in the area Act which established the Nigerian Students Loans.
Speaker of the House, Abbas Tajudeen read the letter transmitting the Students Loans Repeal and Enactment Bill from the president during Thursday’s plenary.
Tinubu in the letter to the lawmakers explained that the request for repeal of the Students Loans Act 2023 and a fresh enactment is to address some challenges with the earlier Act.
He said the new bill if considered by the lawmakers would 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.”
Recall that in June 2023, Tinubu signed a Bill to start a Students Loan Fund that would give interest-free loans to Nigerians for higher education.
Last year, Tinubu had promised that the scheme would take off with effect from January 2024.
However, the implementation is yet to take off, triggering criticisms.
On Wednesday, Executive Secretary of the Tertiary Education Trust Fund, (TETFund), Sonny Echono, had 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 Loans scheme, especially as it has to do with eligibility requirements, funding sources, disbursement and repayment procedures, among others.
