Student loan: Tinubu writes National Assembly, seeks enactment of law

Ayo AdemolaMarch 14, 2024

1 minute read

Kunle Sanni

President Bola Tinubu has written a letter to the House of Representatives requesting the repeal of the Students Loans Act 2023 and the enactment of the Students Loan Bill 2024.

In his letter, addressed to the President of the Senate, Godswill Akpabio, the President explained that the repeal and fresh enactment are necessary to address some of the challenges that arose with the earlier Act and to improve the implementation of the student loan scheme by his administration.

The letter reads in part, “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.”

Akintunde Sawyer, the Executive Secretary of the Nigerian Education Loan Fund (NELFUND), had announced in an interview with ARISE NEWS on Wednesday that the student loan scheme was suspended.

The official explained that the programme was suspended due to some corrections.

He said, “Unfortunately, I won’t be able to commit to a specific date. We are sort of waiting to ensure that all the stakeholders are aligned to make sure that nobody is blindsided, then we can actually roll this out in a meaningful, comprehensive, wholesome and sustainable way.”

In his reaction, Bayo Onanuga, Special Adviser to the President on Information and Strategy, says President Bola Tinubu remains committed towards the Nigerian Education Loan Fund (NELFUND).

He stated this on Wednesday while fielding questions from State House reporters after the conclusion of the Federal Executive Council (FEC), meeting at the presidential Villa in Abuja.