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Home Education Tinubu seeks repeal, re-enactment of Student Loan Act after postponing launch

Education News

Tinubu seeks repeal, re-enactment of Student Loan Act after postponing launch

Oluwasegun SanusiMarch 14, 20241 Mins read363

President Bola Tinubu has forwarded a letter to the House of Assembly seeking the repeal of the Student Loan Act 2023 and enacting the 2024 Bill. The letter addresses challenges and enhances the implementation of the Higher Education Student Loan Scheme.

In a March 14 memorandum directed to the Senate President, Godswill Akpabio indicated that Tinubu was requesting the revocation of the current legislation and had put forth a new bill for consideration and passage.

Similarly, during Thursday’s plenary, Speaker of the House of Representatives Abbas Tajudeen read the letter transmitting the President’s Student Loans Repeal and Enactment Bill.

Tinubu, in his letter, outlined the necessity for the repeal and re-enactment, stating, “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.”

He further emphasised the urgency of the matter, expressing hope that the House of Representatives would expedite the bill’s consideration.

In response to criticisms regarding the delay in implementing the Student Loans scheme promised by Tinubu, the Executive Secretary of the Tertiary Education Trust Fund (TETFund), Sonny Echono, explained that the delay stemmed from observations raised by the National Assembly.

“The delay in the implementation of the bill was due to some observations raised by the National Assembly.”

In June 2023, Tinubu signed a Bill to establish a Student Loan Fund to provide interest-free loans to Nigerians for higher education.

However, the promised implementation in January 2024 has yet to materialise, with several postponements of the scheme’s launch, prompting criticisms and calls for swift action from citizens and stakeholders.