Student Loans Scheme: Tinubu seeks reconsideration from Reps

…As Presidency puts final touches in place for seamless take-off

President Bola Tinubu has written the House of Representatives, seeking consideration on the student loan bill.

This was contained in a letter transmitted by the President to the legislators and read by Speaker Tajudeen Abbas during plenary on Thursday, March 14.

“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,” the Speaker read.

Meanwhile, the presidency has affirmed that final touches are being put in place to enable the proper launch of the student loan scheme.

Special Adviser to the President on Information and Strategy, Bayo Onanuga, clarified to State House Correspondents at the end of the Federal Executive Council (FEC) meeting in Abuja.

This clarification follows a statement by the Executive Secretary of the Nigerian Education Loan Fund, Akintunde Sawyer, suggesting that the implementation of the scheme had been put off indefinitely.

Describing it as the flagship of President Tinubu,the special adviser assured that a new date would be announced soon.

He said: “There will be a new date to launch the student loan scheme. There are things being done so that it can be launched properly, and that’s what’s happening.

“So, the President is committed to it. You know it’s one of his flagship programs, and he wants to get this thing done as soon as possible.”

Recall, President Tinubu signed the Access to Higher Education Act, 2023, into law on June 12, 2023.

It is designed to enable indigent students to access interest-free loans for their educational pursuits in any Nigerian tertiary institution.

The Act also established the Nigerian Education Loan Fund, which is expected to handle all loan requests, grants, disbursement, and recovery.

The legislation provides for the establishment of the Nigerian Education Loan Fund, which will have the power to administer, supervise, coordinate, and monitor the management of student loans in the country.

The fund is expected to receive and screen applications for student loans through higher institutions on behalf of the applicants in line with the provisions of the legislation.

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