President Bola Tinubu on Thursday, sent a bill to the National Assembly seeking repeal of the student loan scheme and passage of a new bill.
This is coming barely two days after the indefinite suspension of the student loan scheme by the federal government.
Tinubu, in a letter addressed to Speaker Tajudeen Abbas, said the action was necessary to ensure easy implementation of the scheme.
The existing Act was one of the first legislations signed by Mr Tinubu after his inauguration.
However, the government has been struggling with the implementation of the scheme, which was sponsored by Femi Gbajabiamila, the chief of staff to the president, during his speakership
The federal government had also postponed the takeoff of the scheme a couple of times.
Two days ago, a top government official announced the indefinite suspension of the student loan scheme.
In the letter, the president said the new bill seeks 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.