The Nigerian National Assembly, a bicameral body consisting of the Senate and the House of Representatives, has successfully passed a transformative student loan bill, marking a significant milestone in the country’s education sector. The bill, which underwent rigorous scrutiny through first, second, and third readings in both legislative chambers, was officially enacted into law on Wednesday.
This legislative achievement was propelled forward by the dedicated efforts of the Committee on Tertiary Institutions and TETFUND, chaired by Muntari Dandutse, who played a pivotal role in presenting the committee’s findings during a plenary session. The move to pass this bill was initially sparked by a request from President Bola Tinubu, who, on March 14, urged the National Assembly to critically review and subsequently overhaul the existing student loan framework.
Addressing both the Senate and the House of Representatives, President Tinubu emphasized the necessity of granting his proposal swift and thorough consideration. Specifically, he highlighted the bill’s objectives to substantially improve the implementation of the Higher Education Student Loan Scheme. The envisioned reforms aim to tackle prevailing issues such as the managerial structure of the Nigerian Education Loan Fund (NELF), criteria for applicant eligibility, loan purposes, funding avenues, alongside procedures for the disbursement and repayment of loans.
Despite high hopes and anticipation for the launch of the loan scheme, the Executive Secretary of NELF, Akintunde Sawyer, announced an indefinite suspension of the initiative earlier this year. According to Sawyer, the delay was attributed to the need for further adjustments and alignment among stakeholders to ensure a well-rounded, effective, and sustainable rollout of the program.
Contrary to the indefinite postponement suggested by Sawyer, Sonny Echono, the Executive Secretary of the Tertiary Education Trust Fund, offered a more optimistic timeline, indicating that the delay would only extend for a few weeks. Echono reassured that the postponement was due to minor preparatory tasks and affirmed that plans for the program’s inauguration were well underway.
The inception of this student loan bill traces back to June 2023 when President Tinubu signed a bill aimed at establishing a Student Loan Fund. This fund was designed to offer interest-free loans to Nigerian students pursuing higher education, a proposal initially put forward by former Speaker of the House of Representatives, Femi Gbajabiamila. Although the program’s launch was initially slated for the latter part of 2023, it encountered delays, prompting President Tinubu to announce a new start date in January 2024.
