The National Assembly, comprising the Senate and the House of Representatives, has unanimously passed the Student Loan Bill. This significant legislative milestone marks a pivotal moment in the country’s pursuit of accessible and affordable higher education for all.
The bill, which underwent rigorous scrutiny through first, second, and third readings in both parliamentary chambers, officially became law on Wednesday following the assent of President Bola Tinubu. The Senate’s resolute action came after a thorough consideration of the report presented by the Committee on Tertiary Institutions and TETFUND, chaired by Muntari Dandutse.
President Tinubu’s proactive engagement with the legislative arm, evident in his formal request to repeal and reenact the student loan bill, underscores the government’s commitment to addressing the pressing challenges facing the education sector. His correspondence, read aloud by Speaker Tajudeen Abbas in the House of Representatives and President of the Senate Godswill Akpabio in the red chamber, emphasized the necessity for prompt legislative action in accordance with constitutional provisions.
“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.
The decision to overhaul the student loan framework follows previous setbacks and delays in the launch of the scheme. Akintunde Sawyer, Executive Secretary of the Nigerian Education Loan Fund, acknowledged challenges during an interview, citing the need for alignment among stakeholders. However, Sonny Echono, Executive Secretary of the Tertiary Education Trust Fund, reassured the public that the postponement was temporary, with arrangements in place for an imminent launch.
“Notably, the genesis of the student loan initiative traces back to June 2023 when President Tinubu signed into law a bill establishing the Students Loan Fund, envisioned to provide interest-free loans for higher education,” stated Femi Gbajabiamila, former Speaker of the House of Representatives, who proposed the bill.