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Akinwande Soji-Ojo
President Bola Tinubu has asked the National Assembly to repeal and reenact the student loan law.
Speaker of the House of Representatives, Rt. Hon.Tajudeen Abbas, read the president’s letter during Thursday’s plenary.
The president sent a similar letter to the Senate, asking the lawmakers to accord his request “expeditious consideration.”
Senate President, Godswill Akpabio, read the Senate’s version during Thursday’s 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,” Tinubu’s letter read.
Subsequently, the lawmakers gave the bill expeditious consideration, passing it for first and second readings.
Speaking in support of the bill, Mariam Onuoha (APC, Imo), said the reenactment of the law is a relief for most mothers battling with insufficient funds to see their children through school.
She 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,” Onuoha added.
Philip Agbese (APC, Benue) said mechanisms should be put in place to ensure that no state is left out of the scheme.
In his contribution, Minority Leader, Kingsley Chinda (PDP, Rivers), 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 take off.
On Tuesday, Executive Secretary of the Nigerian Education Loan Fund (NELF), Akintunde Sawyer, said the agency would not be able to commit to a specific launch date for now because the Federal Government is still making adjustments to the student loan policy.
Also, Special Adviser to the President on Information and Strategy, Bayo Onanuga, on Wednesday, said Tinubu is committed to launching the scheme properly.