Student Loan Scheme: FG rejigs access, seeks to amend act

In news reports, a major alteration to the student loan program of the federal government has been proposed for legislation by the National Assembly. The new plan will ease loan access by students. It was sent yesterday as an Executive Bill to the Senate and the House of Representatives for consideration and passage. Yesterday would have been the official kick-off of the programme, but it was shifted indefinitely. The new Bill seeks to scrap the Student Loan Act, which is to be substituted. The Senate and House received from the President a bill which seeks to amend the Students Loan (Access to Higher Education) Act, 2023. The President’s letter was read by Senate President Godswill Akpabio and Speaker Tajudeen Abass. The letter is titled: “Transmission of Students Loans (Access to Higher Education) (Repeal and Reenactment) Bill 2024” and is dated March 14, 2024. Both chambers suspended their relevant rules and passed the Bill for first reading. They, thereafter, referred the Bill to the Committee of the Whole where they separately considered and passed it for Second Reading.