President Bola Tinubu has sent a new bill to the National Assembly regarding the student loan scheme.
Naija News reports that the development comes less than 48 hours after the federal government announced the indefinite suspension of the student loan scheme.
The new bill repeals the current Act and replaces it with a new one, aiming to facilitate a smoother scheme implementation.
In a letter addressed to the Speaker of the House of Representatives, Tajudeen Abbas, President Tinubu emphasized the necessity of this action to ensure the seamless execution of the scheme.
It is worth noting that the existing Act was among the first legislations signed by Tinubu after his inauguration.
The bill itself was sponsored by former speaker of the House of Representatives, Femi Gbajabiamila, who now serves as the Chief of Staff to the president.
Despite the government’s efforts, they have faced challenges in implementing the scheme, leading to multiple postponements of its launch.
A couple of days prior, a high-ranking official of the Tinubu government declared the permanent halt of the student loan program.
In his statement, Tinubu mentioned that the recent legislation aims to tackle issues concerning the organizational framework of the Nigerian Education Loan Fund (NELF), qualifications for applicants, loan objectives, sources of funding, and distribution and repayment processes.
“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.”
