National Assembly Passes Student Loan Bill
The National Assembly, which consists of the Senate and the House of Representatives, has passed the student loan bill.
The bill, which scaled first, second, and third readings in both parliamentary sittings, became law on Wednesday.
The Senate resolution followed the consideration of the report of the Committee on Tertiary Institutions and TETFUND.
The chairman of the committee, Muntari Dandutse, presented the report during the plenary.
President Bola Tinubu had on March 14 written to the National Assembly to repeal and reenact the student loan bill.
The Speaker of the House of Representatives, Tajudeen Abbas, read the President’s letter during plenary.
Also, The President sent a similar letter to the Senate, asking the lawmakers to accord his request “expeditious consideration.”
The President of the Senate, Godswill Akpabio, read the Senate’s version during the plenary in the red chamber.
“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.
“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.
