President Bola Ahmed Tinubu has asked the National Assembly (NASS) to repeal and reenact the student loan law.
Speaker of the House of Representatives, Tajudeen Abbas, read the President’s letter during plenary on Thursday.
Tinubu who sent a similar letter to the Senate titled ‘TRANSMISSION OF STUDENT LOANS (ACCESS TO HIGHER EDUCATION) (REPEAL AND RE-ENACTMENT) BILL, 2024,’ and dated March 14, 2024. 2024 , asked the lawmakers to accord his request “expeditious consideration.”
Godswill Akpabio, President of the Senate, equally read the Senate’s version during plenary in the red chamber.
“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.
“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,” Tinubu’s letter read.
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Subsequently, the lawmakers considered the bill and passed it for first and second reading.
Speaking in support of the bill, Mariam Onuoha representing Imo, said the reenactment of the law is a relief for most mothers battling with insufficient funds to see their children through school.
Onuoha said children would be removed from the streets because they would now have the opportunity to go to school.
“It will tackle the issue of banditry and kidnappings in the country,” she said.
Philip Agbese representing Benue said mechanisms should be put in place to ensure that no state is left out of the scheme.
Minority Leader, Kingsley Chinda, lauded the President for seeking reenactment of the bill, adding that the legislature would ensure speedy implementation of the scheme in the interest of Nigerian students and youths.
In June 2023, Tinubu signed the student loan bill into law to provide financial assistance to Nigerian students in tertiary institutions.
However, the law has yet to take effect because of some issues impeding its roll out.
