Tinubu sends fresh student loan bill to Reps

President Bola Tinubu has submitted a new student loan bill to the National Assembly.

Allnews.ng understands that less than 48 hours have passed since the federal government declared that the student loan programme would be suspended indefinitely. 

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 assuming office.

The bill was sponsored by Femi Gbajabiamila, the former Speaker of the House of Representatives who is now the President's Chief of Staff.

Despite the government's efforts, there have been issues in executing the system, resulting in several postponements of its introduction.

A few days before, a high-ranking Tinubu administration official indicated that the student loan programme would be discontinued permanently.

Tinubu stated that the latest legislation attempts to address concerns surrounding the Nigerian Education Loan Fund's (NELF) organisational architecture, application qualifications, loan objectives, financing sources, and distribution and repayment processes.    

Read Tinubu’s Fresh Student Loan Letter Below:

“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."