The National Assembly, on Wednesday, passed the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024.

This comes after separate considerations by both the Senate and the House of Representatives of the report of the Committee on Tertiary Institutions and TETFund.

President Bola Tinubu in a letter written to the Senate last Thursday sought the repeal of the existing law and submitted a fresh bill to be passed into law.

This request came 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.

Tinubu had in June 2023 signed the Student Loan Bill into law to enable Nigerian students to access loans at interest-free rates.

The Senate, thereafter, passed for second reading, a Bill for an Act to Repeal the Students Loan and Access to Higher Education Act 2023 and enact the Student Loans Access to Higher Education Bill 2024.

The student loan scheme was scheduled to take off last Thursday, but the Presidency decided to make some amendments to the bill before implementation which the Senate gave expeditious consideration in plenary.

The chairman of the committee, Senator Muntari Dandutse (APC, Katsina South), presented the report during plenary.

The Senate President, Godswill Akpabio, had last week referred the bill to the Dandutse’s committee for further legislative work and to report back in one week.

The amendments sought to the Act by President Bola Tinubu, according to an explanatory memorandum made available to reporters, included the removal of the family income threshold as a condition for applying for the student loan.

It also removed the guarantor requirement so that students can apply for and receive loans subject to application and identity verification guidelines as provided by the Fund.

Besides, student applicants can no longer be disqualified based on their parent’s loan history.

It established a justice and fairness provision, mandating the board to ensure a minimum national spread of loans approved and disbursed in each financial year.

On repayment of loans, the bill indicated that the repayment shall begin as soon as the beneficiary becomes employed in any capacity.

According to the brief, the Fund shall not initiate loan recovery efforts until two years after the completion of the National Youth Service Corps programme.

It stated that a beneficiary may request an extension of enforcement action by the fund by providing a sworn affidavit indicating that he is not employed in any capacity and is not receiving any income.

It pointed out that any person who provides a false statement to the Fund under this section is guilty of a felony and is liable to imprisonment for three years.

It also makes provision for loan forgiveness in the event of death or acts of God causing inability to repay.

Source: https://punchng.com/NAssembly-passes-student-loan-bill-proposes-jail-for-defaulters

Then, get ready to jail 95% of the beneficiaries.

Then, get ready to jail 95% of the beneficiaries.
Confirmed.........

let the loan reach me first

adenigga:
The National Assembly, on Wednesday, passed the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024.

This comes after separate considerations by both the Senate and the House of Representatives of the report of the Committee on Tertiary Institutions and TETFund.

President Bola Tinubu in a letter written to the Senate last Thursday sought the repeal of the existing law and submitted a fresh bill to be passed into law.

This request came 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.

Tinubu had in June 2023 signed the Student Loan Bill into law to enable Nigerian students to access loans at interest-free rates.

The Senate, thereafter, passed for second reading, a Bill for an Act to Repeal the Students Loan and Access to Higher Education Act 2023 and enact the Student Loans Access to Higher Education Bill 2024.

The student loan scheme was scheduled to take off last Thursday, but the Presidency decided to make some amendments to the bill before implementation which the Senate gave expeditious consideration in plenary.

The chairman of the committee, Senator Muntari Dandutse (APC, Katsina South), presented the report during plenary.

The Senate President, Godswill Akpabio, had last week referred the bill to the Dandutse’s committee for further legislative work and to report back in one week.

The amendments sought to the Act by President Bola Tinubu, according to an explanatory memorandum made available to reporters, included the removal of the family income threshold as a condition for applying for the student loan.

It also removed the guarantor requirement so that students can apply for and receive loans subject to application and identity verification guidelines as provided by the Fund.

Besides, student applicants can no longer be disqualified based on their parent’s loan history.

It established a justice and fairness provision, mandating the board to ensure a minimum national spread of loans approved and disbursed in each financial year.

On repayment of loans, the bill indicated that the repayment shall begin as soon as the beneficiary becomes employed in any capacity.

According to the brief, the Fund shall not initiate loan recovery efforts until two years after the completion of the National Youth Service Corps programme.

It stated that a beneficiary may request an extension of enforcement action by the fund by providing a sworn affidavit indicating that he is not employed in any capacity and is not receiving any income.

It pointed out that any person who provides a false statement to the Fund under this section is guilty of a felony and is liable to imprisonment for three years.

It also makes provision for loan forgiveness in the event of death or acts of God causing inability to repay.

Source: https//punchng.com/NAssembly-passes-student-loan-bill-proposes-jail-for-defaulters

The loans you guys took from the banks that you all are yet to pay has not sent you all the jail na small student loans una de form.law, make una keep una loan

Where will the money to fund student loan come from because I have not seen any money allocated before the Act was passed. I hope it doesn’t end up as tissue paper like other Acts before it like one that mandates doctors to treat gunshot victims before police report had not been implemented in any Nigerian hospital till date and most recently the electoral act of 2022 which made mandatory electronic voting and transmission of results compulsory but as we all know Mahmoud not only broke that law but treated it like tissue paper thrown into a latrine and nothing happened, in fact appeal and supreme courts sealed the illegality by opining that it’s it not mandatory to follow acts /laws made by National Assembly the legislative body entrusted by the constitution to make laws for the country…smh..so to a discerning observer, all these is for tinubu to buy time and give his Agbado supporters hope where there is none and continue in his cluelessness and abysmal failure

I pity the ZOMBIES that will think bulaba meant well for them.



if them like make them no go learn work

SoNature:
Then, get ready to jail 95% of the beneficiaries.

make them make budget to build more prisons.


By the way imagine if government facilitates the borrowers to be gainfully employed within these 2. years will there be need to make jail term for this act

This student loan bill is a necessary step towards ensuring equal access to higher education for all Nigerians, and President Tinubus amendments demonstrate his commitment to fairness and accountability.

I pity anyone who collects that loan with the intent of not paying back as Nigerians do.

okeyley:


make them make budget to build more prisons.


By the way imagine if government facilitates the borrowers to be gainfully employed within these 2. years will there be need to make jail term for this act

You need to understand the basic principle of life: You cannot give what you don't have.

In the United States, the FG gives student loans to their citizens for them to pay their tuition fees and living expenses and pay back when they start working.

In the same country, Prodigy Finance and Mpower (two private lending companies) give student loans to international students to pay their school fees and living expenses without collateral and have them pay back when they start working.

You see, the two loan categories are available to students because the government has made massive investments in their private sector that has grown over the years to give jobs to graduates. In other words, their government provides businessmen with everything they need to survive and succeed.

As a result, America creates hundreds of thousands of jobs every month. In fact, the American economy added about 300k jobs only in January 2024, meaning that jobs are readily available for graduates to start working and repay their student loans.

In Nigeria, jobs are not available because our government is not painstakingly making efforts to create the environment to encourage the private sector.

In short, what we see here is a situation where privileged politicians always loot the little resources of the country because the institutions that should carry out checks and balances are too weak to do that or they have been undermined.

This means that our government cannot facilitate their employment because the jobs are not readily available anywhere in Nigeria.

SoNature:
Then, get ready to jail 95% of the beneficiaries.

You must think that when you are in jail you will still have access to Nairaland abi.smh

SoNature:


You need to understand the basic principle of life: You cannot give what you don't have.

In the United States, the FG gives student loans to their citizens for them to pay their tuition fees and living expenses and pay back when they start working.

In the same country, Prodigy Finance and Mpower (two private lending companies) give student loans to international students to pay their school fees and living expenses without collateral and have them pay back when they start working.

You see, the two loan categories are available to students because the government has made massive investments in their private sector that has grown over the years to give jobs to graduates. In other words, their government provides businessmen with everything they need to survive and succeed.

As a result, America creates hundreds of thousands of jobs every month. In fact, the American economy added about 300k jobs only in January 2024, meaning that jobs are readily available for graduates to start working and repay their student loans.

In Nigeria, jobs are not available because our government is not painstakingly making efforts to create the environment to encourage the private sector.

In short, what we see here is a situation where privileged politicians always loot the little resources of the country because the institutions that should carry out checks and balances are too weak to do that or they have been undermined.

This means that our government cannot facilitate their employment because the jobs are not readily available anywhere in Nigeria.

Better oil dey your head
You got the gist. Let them ensure that the demand is high enough then they can make it work.



If it were to be say Medical courses and ICT courses that the demands are high then we can be discoursing loan or no loan

na still dem go tiff the loan.

Just like failed anchor borrowers scheme, trader moni and the ministry of Humanitarian Affairs corruption, this student loan is just another conduit pipe for corruption.