BREAKING: Students Loan: Tinubu sends fresh bill to Reps

President Bola Tinubu has filed a bill to the National Assembly asking for the repeal of the current Act and the passage of a new one, less than 48 hours after the federal government announced the indefinite suspension of the student loan scheme.

In a letter to Speaker Tajudeen Abbas, President Tinubu stated that the measure was required to guarantee the scheme’s simple execution.

One of the first pieces of legislation that Mr. Tinubu signed upon his inauguration was the existing Act.

Femi Gbajabiamila, the president’s chief of staff, sponsored the bill while he was speaker.

The government, however, has encountered difficulties in implementing the scheme and has had to delay its launch on a few occasions.

The indefinite suspension of the student loan scheme was announced by a high government official two days ago.

“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” are the issues that Mr. Tinubu stated the new bill aims to address in his letter.

The letter from Tinubu:

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.

Yours sincerely,

Bola Ahmed Tinubu.

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