REPRESENTATIVES RECEIVE NEW STUDENT LOAN BILL FROM TINUBU – [DETAILS]

Babatunji Wusu –

Regarding the student loan program, President Bola Tinubu has submitted a new bill to the National Assembly.
Less than 48 hours have passed since the federal government said that the student loan program will be suspended indefinitely.

In an effort to enable a more seamless scheme implementation, the new bill repeals the existing Act and replaces it with a new one.

President Tinubu stressed the need for this move to guarantee the smooth implementation of the plan in a letter to Tajudeen Abbas, the Speaker of the House of Representatives.

It is noteworthy that Tinubu signed several laws, including the current Act, shortly after becoming office.

Femi Gbajabiamila, a former speaker of the House of Representatives and current president’s chief of staff, was the bill’s sponsor.

The government has attempted to implement the system, but has encountered obstacles that have caused the launch to be repeatedly postponed.

A few days before, a senior Tinubu administration official announced that the student loan scheme will be permanently discontinued.

In his remarks, Tinubu stated that the new laws intend to address matters pertaining to the Nigerian Education Loan Fund’s (NELF) organizational structure, application requirements, loan goals, financing sources, and the procedures for distribution and repayment.

See Below for Tinubu’s New Student Loan Letter:

“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.”