President Tinubu Seeks Student Loan Bill Repeal and Reenactment to Enhance Higher Education Access

President Bola Tinubu has transmitted a letter to the House of Representatives requesting the repeal and reenactment of the Student Loans Bill, aiming to address challenges with the earlier Student Loans Act 2023 and enhance the implementation of the student loan scheme by his administration.

In the letter, President Tinubu emphasized the need to address the management structure of the Nigerian Education Loan Fund (NELF), applicant eligibility requirements, loan purpose, funding sources, and disbursement and repayment procedures.

He expressed his hope that the submission would receive the usual expeditious consideration of the House of Representatives.

This move comes in the wake of the recent suspension of the student loan scheme by the Federal Government, which was announced on Wednesday by the Executive Secretary of the Tertiary Education Trust Fund, (TETFund), Sonny Echono.

Stakeholders have raised issues around various aspects of the scheme, including eligibility requirements, funding sources, disbursement, and repayment procedures.

The Student Loan (Access to Higher Education) (Repeal and Re-Enactment) Bill, 2024 aims to address these concerns and enhance the implementation of the Higher Education Student Loan Scheme.

President Tinubu had previously signed a Bill in June 2023 to start an interest-free Student Loan Fund that would provide loans to Nigerians for higher education.

With the President’s commitment to addressing the challenges of the student loan scheme and enhancing access to higher education for Nigerian students, the House of Representatives is expected to give the submission the usual expeditious consideration.