The House of Representatives, on Thursday, passed the Student Loans Re-enactment Bill for second reading.
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,” was read on the floor of the House by the Leader, Julius Ihonvbere.
Before asking Ihonvbere to lead the debate on the general principles of the bill, Speaker of the House, Abbas Tajudeen, 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.
The letter obtained by our correspondent read, “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.
“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.”
Leading the debate, Ihonvebere who represents Owan East/Owan West Federal Constituency, Edo State, argued that many young Nigerians desirous of pursuing higher education have not been able to realise their dreams owing to the difficult economic situation in the country
