The Senate and House of Representatives have passed the student loan (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024.
The upper legislative chamber’s resolution followed its consideration of the report of the senate committee on tertiary institutions and TETFUND.
Muntari Dandutse, chair of the committee, presented the report during plenary on Wednesday.
On March 14, President Bola Tinubu asked the national assembly to repeal and reenact the student loan law.
Tajudeen Abbas, speaker of the house of representatives, read the president’s letter during plenary on Thursday.
The president sent a similar letter to the senate, asking the lawmakers to accord his request “expeditious consideration”.
Godswill Akpabio, president of the senate, read the senate’s version during 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,” Tinubu’s letter reads.
“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.”