THE Senate has passed the Student Loan (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, otherwise known as the Student Loan Act.
The bill was read the third time and passed after the consideration of a report by the Senate committee on Tertiary Institutions and TETFUND, presented by the Chairman, Senator Muntari Dandutse, APC, Katsina South.
Recall that a day after the announcement of a temporary suspension of the commencement of the programme President Bola Tinubu forwarded a letter to the National Assembly, seeking a repeal and re-enactment of the Access to Higher Education Act, 2023, otherwise known as the Student Loan Act.
The letter was recieved by the Senate a day after the announcement of a temporary suspension of the commencement of the student loan programme aimed at enabling Nigerian students enrolled in tertiary educational institutions to obtain low-interest loans to finish their education.
The Bill which President Tinubu signed in June 2023 was to be launched on Thursday 14th March 2024, but was postponed indefinitely by the Federal Government as disclosed by the Executive Secretary of the Nigerian Education Loan Fund, Akintunde Sawyer.
He had said, “Unfortunately, I won’t be able to commit to a specific date. We are sort of waiting to ensure that all the stakeholders are aligned to make sure that nobody is blindsided, then we can actually roll this out in a meaningful, comprehensive, wholesome, and sustainable way.”
The criticisms levelled at the qualifying requirements for applicants, repayment plans, and governance structure following the law's signing may have some bearing on the president's decision.
The President's letter which sought an expeditious consideration of the bill had read in part: “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.”
Following this request, the Senate read the bill for the first time and subsequently passed it for a second reading.
In his lead debate on the general principles of the bill, the Leader of the Senate, Senator Opeyemi Bamidele, APC, Ekiti Central noted that the bill will ensure to provide loans to qualified Nigerians to pay tuition, fees, charges and upkeep during their course of study in approved tertiary education institutions and vocational and skills acquisition institutions in Nigeria.
He said, "The bill will build, operate and maintain a diversified pool of funds to provide loans to qualified applicants and ensure access to higher education, vocational training, and skills acquisition.
“It will ensure the recovery of all debts due to the fund from loans granted to qualified applicants, except where the Board is of the opinion that a loanee should be exempted from repaying his loan by reason of death, considerations of hardship or equity and impossibility or undue difficulty, or the expenses to be incurred in the recovery of the loan being far more than the amount sought to be recovered."
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