Politics
Parliament Approves Student Loan Legislation, Introduces Strict Penalties For Non-Repayment
Parliament Approves Student Loan Legislation, Introduces Strict Penalties For Non-Repayment....KINDLY READ THE FULL STORY HERE▶
The National Assembly passed the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, following deliberations by both the Senate and the House of Representatives on the Committee on Tertiary Institutions and TETFund’s report.
President Bola Tinubu, in a letter to the Senate last Thursday, requested the repeal of the existing law and the enactment of a new bill. This request came after the temporary suspension of the student loan scheme, which aimed to provide interest-free loans to tertiary students.
In June 2023, Tinubu had signed the Student Loan Bill into law to facilitate Nigerian students’ access to interest-free loans. Subsequently, the Senate introduced 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.
Although the student loan scheme was set to commence last Thursday, the Presidency opted to amend the bill before implementation, a process swiftly considered by the Senate in plenary.
Senator Muntari Dandutse (APC, Katsina South), the committee chairman, presented the report during plenary, which was referred by Senate President Godswill Akpabio for further legislative work.
The amendments proposed by President Tinubu included the removal of the family income threshold and guarantor requirement for loan applications. Additionally, students would no longer be disqualified based on their parents’ loan history.
The bill mandates the board to ensure a fair distribution of approved loans annually. Regarding repayment, beneficiaries are required to start repaying loans upon employment, with loan recovery efforts deferred until two years after completing the National Youth Service Corps program.
For more information join our WhatsApp group by clicking the link here: WhatsApp Group Invite
For inquiries only, contact us at omoikirodahoshiobugie@gmail.com, 08075806790 (WhatsApp only). For paid articles covering content related to shows, music promotion, asylum letters, concerts, politics, advertisement hit up the Whatsapp number 08075806790.
Source: Bushradiogist
Breaking: Marco Rose To Take Charge At Bournemouth On Long-Term Deal
Political Tension Rises As Baba-Ahmed Challenges Tinubu, Calls Reforms Unrealistic
It’s Not Easy’ – Don Jazzy Reveals Hidden Challenges With Label Stars Like Ayra Starr
Breaking: Tinubu Approves New Police Academy Campus, Releases ₦15 Billion Funding
Controversy Erupts As Pastor Ibiyeomie Boasts: ‘I Will Be Stinkingly Rich Regardless
Breaking: Federal Government Of Nigeria Bans Cement Importation, Releases Full List Of Restricted Goods
Here’s What Happened” — Ex-Army Chief Buratai Speaks On Borno Airstrike Tragedy
Succession Buzz: Olusi Reveals Who May Replace Sanwo-Olu In 2027
Amaechi Sparks Debate: Atiku’s Electoral Strength May Be Confined To The North
