Tinubu Sends Student Loan Proposal to Representatives for Review

President Bola Ahmed Tinubu has formally addressed the House of Representatives, urging the repeal of the existing Students Loans Act of 2023 and the subsequent enactment of the revised Students Loan Bill of 2024. This significant move reflects Tinubu’s commitment to refining the educational financing landscape, aiming to streamline and bolster the implementation of student loan schemes under his administration.

During Thursday’s plenary session, Speaker Abbas Tajudeen disclosed that he had received the letter from the president, transmitting the proposed Students Loans Repeal and Enactment Bill. Tinubu’s communication underscored the necessity for this legislative action, citing various challenges encountered with the previous Act and emphasizing the potential improvements envisioned through the new enactment.

In his correspondence to the House, Tinubu delineated the rationale behind the proposed legislation, emphasizing its pivotal role in enhancing the operational efficacy of the Higher Education Student Loan Scheme. The Bill addresses critical aspects such as the management structure of the Nigerian Education Loan Fund (NELF), eligibility criteria for applicants, loan utilization guidelines, funding mechanisms, as well as disbursement and repayment protocols. Tinubu expressed optimism that the House of Representatives would accord prompt attention to this proposal, highlighting the paramount importance of expedited deliberation in realizing the envisioned reforms.

This legislative initiative builds upon Tinubu’s prior commitment to educational advancement, notably evidenced by the establishment of a Students Loan Fund in June 2023. With the proposed reforms set to refine the operational framework of student loan initiatives, Tinubu’s administration endeavors to fulfill its pledge of commencing the scheme effectively from January 2024, thus reaffirming its dedication to facilitating broader access to higher education for Nigerian citizens.