The National Assembly, comprising both the Senate and the House of Representatives, has successfully passed the student loan bill, which has now become law as of Wednesday
The bill underwent rigorous scrutiny, including first, second, and third readings in both parliamentary sittings.
The Senate’s decision to pass the bill followed a thorough consideration of the report presented by the Committee on Tertiary Institutions and TETFUND, chaired by Muntari Dandutse. President Bola Tinubu had urged the National Assembly to repeal and reenact the student loan bill in a letter dated March 14, which was read during plenary sessions by the Speaker of the House of Representatives, Tajudeen Abbas, and the President of the Senate, Godswill Akpabio.
In his letter, President Tinubu highlighted the objectives of the Student Loan (Access to Higher Education) (Repeal and Re-enactment) Bill, 2024, emphasizing its aim to enhance the implementation of the Higher Education Student Loan Scheme by addressing various challenges.
Prior to the passage of the bill, there had been discussions regarding the launch of the loan scheme. Akintunde Sawyer, the Executive Secretary of the Nigerian Education Loan Fund, had mentioned the suspension of the scheme due to necessary corrections being made. However, Sonny Echono, the Executive Secretary of the Tertiary Education Trust Fund, clarified that the launch was postponed for a short period for administrative adjustments.
President Tinubu’s commitment to improving access to higher education through initiatives like the Student Loan Fund was evident when he signed the bill in June 2023. Despite initial delays, the program is now set to commence in January 2024, aiming to provide interest-free loans to Nigerian students pursuing higher education.
