In a rapid response to the federal government’s sudden suspension of the student loan scheme, President Bola Tinubu has wasted no time, submitting a new bill to the National Assembly for consideration.
Less than 48 hours after the suspension announcement, President Tinubu dispatched a letter to Speaker Tajudeen Abbas, urging the repeal of the current Act and the passage of a comprehensive replacement bill.
The move underscores Tinubu’s commitment to streamlining the implementation of the scheme, which has faced numerous hurdles since its inception.
Spearheaded by Femi Gbajabiamila during his tenure as Speaker, the current Act has struggled with implementation challenges, prompting the need for legislative overhaul.
Tinubu’s proposed bill aims to address key issues, including the management structure of the Nigerian Education Loan Fund (NELF), applicant eligibility criteria, loan allocation, funding sources, and repayment procedures.
As stakeholders await deliberation on the new bill, Tinubu’s proactive stance signals a determined effort to tackle the complexities surrounding student loan disbursement and management.
