Tinubu signed the Student Loan Bill into law, a significant step in improving Nigeria’s education sector.
This move was reported on Monday. On Monday, President Bola Ahmed Tinubu signed the Student Loan Bill into law, a significant step in improving Nigeria’s education sector.
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According to reports, this move comes on the heels of his recent signing of the Uniform Retirement Age for Judicial Officers and the 2023 Electricity Acts, which occurred just days after his inauguration on May 29.
The announcement of the bill’s signing was welcomed with tremendous applause, particularly among students. However, in order to avoid misunderstandings, we give the bill’s comprehensive provisions.
According to this newspaper, Speaker Femi Gbajabiamila sponsored the bill, which passed its third reading in the House of Representatives according to a House statement issued in May. The “Student Loan (Access to Higher Education) Act,” as its full title suggests, repeals the Nigerian Education Bank Act.
The bill’s major goal is to provide interest-free loans to financially disadvantaged Nigerian students, enhancing access to higher education for all. The Nigerian Education Loan Fund is established under this Act to facilitate the supply of these loans. The fund will be managed by the newly founded Nigerian Education Bank, which will serve as the central body in charge of overseeing, coordinating, administering, and monitoring student loans throughout the country.
The Nigerian Education Bank will thoroughly analyze loan applications from students attending Nigerian higher educational institutions as part of its activities. It will happen. Nigera has a higher education system. Before accepting and disbursing loans, it will confirm that applicants have met all of the standards outlined in the Act.
In addition, Tinubu stated that the bank will monitor and manage loan accounts, ensuring that disbursement rules are followed. It will also keep track of loan beneficiaries’ academic progress, including graduation, national service, and employment information. By employing this monitoring mechanism, the bank hopes to ensure that loan recipients begin loan repayment on time, among other important tasks.
It is worth mentioning that the Bill emphasizes equal access to the loan scheme for all students enrolled in Nigerian public institutions. The Act expressly forbids discrimination on the basis of gender, religion, tribe, social standing, or handicap.
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It is vital to remember that the bill solely provides funding to students for tuition expenses. Students who default on their loans will face jail time.
Repayment of the loan will commence two years after the completion of the National Youth Service Corps Scheme.
