The National Assembly, which includes the Senate and the House of Representatives, has approved the bill concerning student loans.
The bill, which went through first, second, and third readings in both parliamentary sessions, was enacted into law on Wednesday.
The Senate decision came after reviewing the report from the Committee on Tertiary Institutions and TETFUND.
The head of the committee, Muntari Dandutse, presented the report during the plenary session.
On March 14, President Bola Tinubu requested the National Assembly to repeal and reenact the student loan bill.
During the plenary session, the President's letter was read by the Speaker of the House of Representatives, Tajudeen Abbas.
The President also sent a similar letter to the Senate, urging the lawmakers to promptly consider his request.
During the plenary session in the red chamber, the President of the Senate, Godswill Akpabio, read the Senate’s version.
“In line with Section 58 (2) of the Constitution of the Federal Republic of Nigeria, 1999 (as amended), I am forwarding the Student Loan (Access to Higher Education) (Repeal and Re-enactment) Bill, 2024 for the consideration of the House.
“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 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 read.
Previously, Akintunde Sawyer, the Executive Secretary of the Nigerian Education Loan Fund, stated in an interview that the launch of the scheme had been indefinitely suspended.
He mentioned that the loan scheme was delayed due to some adjustments being made before the launch.
“Regrettably, I cannot commit to a specific date. We are waiting to ensure that all the stakeholders are aligned so that we can roll this out in a meaningful and sustainable way,” he said.
On the other hand, the Executive Secretary of the Tertiary Education Trust Fund, Sonny Echono, stated that the launch was only postponed for a few weeks and not indefinitely.
Echono clarified, “The loan has not been postponed indefinitely. There’s just a little housekeeping that needs to be done. The President has arrangements in place for the launch.”
In June 2023, Tinubu signed a bill to establish a Students Loan Fund that would provide interest-free loans to Nigerians for higher education.
The bill was proposed by a former Speaker of the House of Representatives, Femi Gbajabiamila, and was initially planned to commence between September and October 2023.
However, Tinubu stated that the program would begin in January 2024 after missing the October deadline.
