Tinubu Returns Students Loan Bill to National Assembly for Amendment, Ahead Of Implementation

President Tinubu has returned the students loan bill 2023 to the national assembly for amendment, ahead of its implementation.

The new student loan bill removed most of the draconian requirements in the existing students loan act for applicants to benefit from the proposed loan.

The new bill was passed by the national assembly for the second reading, immediately after the request for the repeal of the student loan act 2023 from the president was read during the Thursday plenary.

According to the provisions in the new bill, the proposed loan will cover tuition, fees, charges and upkeep of students during their study.

Also, the new bill removes the threshold of the family income of the beneficiaries which was pegged at below N500,000 yearly in the student loan act 2023 as criterion to qualify for the loan.

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According to the new bill, the repayment of the loan will start as soon as the beneficiaries become employed in any capacity.

Also removed is the guarantor request for applicants for the loan.

The national assembly after hurriedly passing the bill for the second reading forwarded it to tertiary education trust fund committee for further legislative action.

Stakeholders have raised issues around the student loans scheme, especially as it has to do with eligibility requirements, funding sources, disbursement, and repayment procedures, among others.

In June 2023, Tinubu signed a Bill to start a Student Loan Fund that would give interest-free loans to Nigerians for higher education.