On Thursday (Today), the House of Representatives passed the Student Loan Scheme Bill for a second reading.
Leader, Julius Ihonvbere read the executive bill titled “A Bill for an Act to repeal the Students Loans (Access to Higher Education) Act, 2023 and Enact the Student Loans (Access to Higher Education) Bill, 2004 to Establish the Nigerian Education Loan Fund as a body corporate to receive, manage and invest funds to provide loans to Nigerians for higher education, vocational training and skills acquisition and for related matters,” on the floor of the House.
Speaker of the House, Rt. Hon Abbas Tajudeen had earlier read President Tinubu’s letter titled, “Transmission of Student Loans (Access to Higher Education, Repeal and Enactment) Bill, 2024,” seeking the nod of the lawmakers to act on the proposed legislation before asking Julius Ihonvbere to lead the debate on the bill.
“Pursuant to Section 58(2) of the Constitution of The Federal Republic of Nigeria, 1999 (as amended). I forward, herewith, the Student Loans (Access to Higher Education) (Repeal and Re-Enactment) Bill, 2024 for the kind consideration of the House of Representatives,” partly reads President Bola Ahmed Tinubu’s letter.
“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, 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.”
Julius Ihonvbere argued that many young Nigerians desirous of pursuing higher education have been denied the chance to go after their dreams, thanks in no small part to the difficult economic situation in the country.
“Education is a valid instrument in the fight against poverty and thankfully, we now have a President who is committed to making education affordable to all Nigerians. I urge my colleagues to give this bill an accelerated hearing,” he said.
Speaking further, he called for the annulment of the 2023 Act which was signed into law by President Bola Ahmed Tinubu on June 12, 2023. He argued that the act lacks clarity in the operational procedures, mode of repayment of the loan as well as sustainability of the scheme, adding that the 2024 Re-Enactment Bill has addressed the lapses.