Tinubu proposes overhaul of student loan scheme, sends new bill to Reps

President Bola Tinubu has forwarded a fresh bill to the National Assembly concerning the student loan scheme, as reported by Naija News. This action comes shortly after the federal government’s announcement of the indefinite suspension of the student loan program.

The new bill aims to revoke the current Act and introduce a revised version to facilitate smoother implementation of the scheme. In a letter directed to the Speaker of the House of Representatives, Tajudeen Abbas, President Tinubu underscored the importance of this move to ensure seamless execution of the scheme.

Notably, the existing Act was among the initial legislations signed by Tinubu following his inauguration. The bill itself was initiated by former Speaker of the House of Representatives, Femi Gbajabiamila, who currently serves as the President’s Chief of Staff.

Despite the government’s efforts, challenges in implementing the scheme have persisted, resulting in multiple postponements of its launch. Just days prior, a senior official in the Tinubu administration announced the permanent cessation of the student loan program.

In his communication, Tinubu highlighted that the new legislation aims to address issues concerning the organizational structure of the Nigerian Education Loan Fund (NELF), eligibility criteria for applicants, loan objectives, funding sources, as well as distribution and repayment processes.

The text of Tinubu’s letter transmitting the Student Loans (Access to Higher Education) (Repeal and Re-Enactment) Bill, 2024, emphasizes the need for swift consideration by the House of Representatives, expressing confidence in their expeditious handling of the matter.