Student Loan Bill has been approved by the National Assembly
The Student Loan Bill has been successfully passed by the National Assembly, which includes both the Senate and the House of Representatives. After undergoing first, second, and third readings in both parliamentary sessions, the bill officially became law on Wednesday. This decision came after the Senate considered the report of the Committee on Tertiary Institutions and TETFUND, which was presented by the committee's chairman, Muntari Dandutse, during the plenary session.
On March 14, President Bola Tinubu penned a letter to the National Assembly, urging for the repeal and reenactment of the student loan bill. The Speaker of the House of Representatives, Tajudeen Abbas, shared the contents of the President's letter during the plenary session. Additionally, the President sent a similar correspondence to the Senate, urging lawmakers to promptly consider his request.
During the plenary session in the red chamber, the President of the Senate, Godswill Akpabio, presented the Senate's version of the bill. He referred to Section 58 (2) of the Constitution of the Federal Republic of Nigeria, 1999 (as amended), and forwarded the Student Loan (Access to Higher Education) (Repeal and Re-enactment) Bill, 2024 for the House's consideration.
Tinubu's letter outlined that the Student Loan (Access to Higher Education) (Repeal and Re-enactment) Bill, 2024 aims to improve the implementation of the Higher Education Student Loan Scheme by addressing various challenges. These include issues related to the management structure of the Nigerian Education Loan Fund (NELF), applicant eligibility criteria, loan purposes, funding sources, and procedures for disbursement and repayment.
Previously, the Executive Secretary of the Nigerian Education Loan Fund, Akintunde Sawyer, mentioned in an interview that the launch of the scheme had been indefinitely suspended. He cited the need for corrections before the launch, emphasizing the importance of ensuring alignment among stakeholders to ensure a comprehensive and sustainable rollout.
Contrarily, the Executive Secretary of the Tertiary Education Trust Fund, Sonny Echono, clarified that the launch postponement was temporary, lasting only a few weeks, and not indefinite.
Echono clarified, "The loan has not been postponed indefinitely. There are just some minor administrative tasks that need to be addressed. The President has made arrangements for the launch."
In June 2023, Tinubu endorsed a bill to establish a Student Loan Fund, aimed at providing interest-free loans to Nigerians for higher education. The bill, proposed by former Speaker of the House of Representatives, Femi Gbajabiamila, was initially slated to commence between September and October 2023.
However, Tinubu announced that the program would kick off in January 2024 after missing the initial October deadline.
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