The Senate has passed for second reading the Students Loans Access to Higher Education Act (Repeal and Enactment) Bill, 2024.

This followed a correspondence by President BOLA TINUBU who wrote to the Senate seeking the repeal of the existing law and has submitted a fresh bill to be passed into law.

This request comes a day after the announcement of a temporary suspension of the commencement of the student loan scheme which would allow students of tertiary institutions access interest-free loans to complete their studies.

The passage of the bill followed a debate by several lawmakers who lauded the executive bill which also seeks to address challenges relating to the management structure of the Nigerian Education Loan Fund, applicants’ eligibility requirements, loan purpose, funding sources and disbursement.

Similarly, President BOLA TINUBU has transmitted a letter to the House of Representatives seeking the repeal and reenactment of the Student Loan Bill.

During the plenary, the Speaker of the House, ABBAS TAJUDEEN, read the letter transmitting the Student Loans Repeal and Enactment Bill from the President.

According to the letter, President TINUBU explained that the request for repeal of the Student Loans Act 2023 and a fresh enactment is to address some challenges with the earlier Act and to enhance the implementation of the student loan scheme by his administration.