President Bola Tinubu has filed a bill to the National Assembly asking for the repeal of the present Act and the passage of a new one, less than 48 hours after the federal government announced the indefinite suspension of the student loan program.
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 administration was the current Act.
During his speakership, Femi Gbajabiamila, the president’s chief of staff, sponsored the measure.
Nevertheless, the administration has encountered difficulties in executing the plan and has had to delay its launch on a few occasions.
A senior government official declared two days ago that the student loan program will be suspended indefinitely.
According to Mr. Tinubu’s letter, the proposed measure aims to address the “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.”
Tinubu’s 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.
Yours sincerely,
Bola Ahmed Tinubu.
