Less than 48 hours after the federal government announced the indefinite suspension of the student loan scheme, President Bola Tinubu has sent a bill to the National Assembly seeking repeal of the current Act, and passage of a new bill.
In a letter addressed to Speaker, Rt. Hon.Tajudeen Abbas, President Tinubu said the action was necessary to ensure easy implementation of the scheme.
The existing Act was one of the first legislations signed by Mr Tinubu after his inauguration.
The bill was sponsored by Chief of Staff to the President, Rt. Hon. Femi Gbajabiamila, during his speakership of the House.
However, the government has been struggling with the implementation of the scheme, and has postponed the takeoff of the scheme a couple of times.
Two days ago, a top government official announced the indefinite suspension of the student loan scheme.
In the letter, President Tinubu said the new bill seeks to address the “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.”
