By Nathaniel Zacchaeus, Abuja
President Bola Tinubu asked the Senate to repeal and re-enact the Access to Higher Education Act, 2023, otherwise known as the Students Loan Act.
Tinubu’s letter came during Thursday’s plenary, a day after the announcement of a temporary suspension of the commencement of the student loan programme
The law was enacted to give Nigerian students ample opportunity to enrol in tertiary educational institutions and obtain low-interest loans to complete their education.
The Bill, which President Tinubu signed in June 2023, was expected to be launched on Thursday (yesterday) but was put on hold indefinitely by the Federal Government.
The Executive Secretary of the Nigerian Education Loan Fund, Akintunde Sawyer, disclosed this during an interview with Arise News on Tuesday.
He said, “Unfortunately, I won’t be able to commit to a specific date. We are waiting to ensure that all the stakeholders are aligned so that nobody is blindsided. We can roll this out meaningfully, comprehensively, wholesome, and sustainably.”
Following the law’s signing, criticisms of the qualifying requirements for applicants, repayment plans, and governance structure may influence the President’s decision.
The President’s letter, which sought an expeditious consideration of the Bill, read in part: “Under 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 then passed it for a second reading, actually.
The Leader of the Senate, Opeyemi Bamidele (APC, Ekiti Central), who presented the Bill on the floor of the Red Chamber, noted that the Bill would ensure that qualified Nigerians could obtain loans 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.
“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 thinks that a loanee should be exempted from repaying his loan because 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,” he said.
Supporting the passage of the Bill, Senator Victor Umeh (LP, Anambra Central) voiced his concern over the challenges that most Senators face in creating funds for their constituents to gain access to a proper education.
“Most of us in this Chamber will agree that most of the pressures we receive from our constituents are centred on the need to get proper education, but we lack the funding.
“We are often overburdened by creating funds to support these young children. I know the pressure I see from young people.
“This is a very noble thing to do in Nigeria. It is done everywhere worldwide, including in America and the UK. Students get access to loans to fund their education,, and when they graduate, they start paying back.”
On his part, Senator Sani Musa (APC, Niger East) suggested that a percentage of bank charges be deployed to the student loan fund to ensure sustainability.
Senator Anthony Ani (APC, Ebonyi South) emphasized that a significant challenge facing Nigerians has been the need for more education over the years.
He said, “One of the problems Nigerians have been having over the years is lack of funds, which is why you see some persons, children, and adults out of school. It is simply because there are no funds.”
The President of the Senate, Godswill Akpabio, however, emphasised that President Tinubu requested that the bill be repealed and re-enacted under the vision, strengthened implementation, and ensured sustainability in the programme.
“A lot of children have been lured into criminalism, banditry, and other vices, maybe as a result of poverty or circumstances.”
Following the support of this Bill by all Senators, it was put to a voice vote and immediately passed for a second reading.
