Less than 48 hours after the federal government announced the indefinite suspension of the student loan scheme, President Bola Tinubu has sent a bill to the National Assembly seeking repeal of the current Act, and passage of a new bill.

President Tinubu, in a letter addressed to Speaker Tajudeen Abbas, said the action was necessary to ensure easy implementation of the scheme.

The existing Act was one of the first legislations signed by Mr Tinubu after his inauguration.

The bill was sponsored by Femi Gbajabiamila, the chief of staff to the president, during his speakership.

However, the government has been struggling with the implementation of the scheme, and has postponed the takeoff of the scheme a couple of times.

Two days ago, a top government official announced the indefinite suspension of the student loan scheme.

In the letter, Mr Tinubu said the new bill seeks to address the “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:

TRANSMISSION OF STUDENT LOANS (ACCESS TO HIGHER EDUCATION) (REPEAL AND RE-ENACTMENT) BILL, 2024

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.

Yours sincerely,

Bola Ahmed Tinubu.