The National Assembly has recently approved the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill for the year 2024.

This significant legislative action follows President Bola Tinubu’s submission of the bill to the National Assembly for consideration and approval.

Promptly, the lawmakers expedited the review process by suspending relevant sections of their standing rules and referred the bill to the Committee of the Whole for thorough examination.

President Tinubu outlined in his correspondence that the aim of repealing the Students Loans Act of 2023 and enacting a new legislation is to tackle challenges associated with the previous act and improve the implementation of the student loan program under his administration.

The Senate endorsed the bill on Wednesday after reviewing the report presented by the Senate Committee on Tertiary Institutions and TETFUND, led by Senator Muntari Dandutse from Katsina South under the APC.

The next step involves the formation of a joint committee between the Senate and the House of Representatives to reconcile any disparities in the bill before forwarding it to the President for final approval.

Notably, President Tinubu had signed a bill in June 2023 to establish a Students Loan Fund offering interest-free loans to Nigerian students pursuing higher education, with the program slated to commence in January 2024.

However, the delay in implementation drew criticism, with Sonny Echono, the Executive Secretary of TETFund, attributing it to observations raised by the National Assembly.

Stakeholders have expressed concerns regarding various aspects of the Students Loans scheme, including eligibility criteria, funding sources, disbursement, and repayment procedures, signaling the need for further scrutiny and refinement of the legislation.