After several postponements of take-off date President Bola Tinubu has sent a letter to the Nigerian Senate and the House of Representatives, requesting the revocation of the Access to Higher Education Act, 2023, also referred to as the Student Loan Act.
President Tinubu in the letter addressed to Senate President Godswill Akpabio and Speaker of the House, Tajudeen Abbas, dated 14th March, requested the revocation of the current legislation and put forth a new bill for consideration and passage.
A copy of the letter addressed to the Senate reads:
“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 Senate.
“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.
“While hoping that this submission will receive the usual expeditious consideration of the Senate , please accept, Distinguished Senate President and Distinguished Senators, the assurances of my highest consideration.”
Recall that on June 12, 2023, Tinubu had signed the Access to Higher Education Act, 2023 into law 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 student loan bill was sponsored by Femi Gbajabiamila, the immediate-past Speaker of the House of Representatives, who is now Chief of Staff to the President.
This fresh development is coming after several postponements of the take off date of the much awaited student loan scheme.