The student loan extension measure has been enacted by the National Assembly, which includes the Senate and the House of Representatives.
The bill passed first, second, and third readings in both legislative sessions and became law on Wednesday.
The Senate resolution came after the committee reported on tertiary institutions and TETFUND.
Muntari Dandutse, chair of the committee, presented the report during plenary.
Recall that last week, President Bola Tinubu had swiftly sent a bill to the National Assembly asking for the repeal of the current student loan scheme and the passage of a new bill less than 48 hours after the federal government announced the indefinite suspension of the program.
In a letter to Speaker Tajudeen Abbas, President Tinubu expressed the need for this action to facilitate a smoother scheme implementation.
The existing Act, one of the first laws signed by President Tinubu after his inauguration, has faced challenges in implementation, leading to multiple delays in its launch.
The bill was initially sponsored by Femi Gbajabiamila, the president’s chief of staff, during his speakership.
Just two days ago, a high-ranking government official declared the indefinite suspension of the student loan scheme.
In the letter, Mr Tinubu said the new bill addresses 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.
