The signing of the Student Loan Bill into law by President Bola Tinubu on Monday has elicited commendations from the public, especially students. The bill will enable Nigerian students access loans at interest-free rates. It is also expected to see the establishment of an education bank. In November 2022, the bill was passed by the National Assembly. The bill was sponsored by Hon Femi Gbajabiamila. Checks by The Nation shows the bill seeks the establishment of the Nigerian Education Bank, which shall have powers to supervise, coordinate, administer, and monitor the management of student loans in Nigeria The board will also receive applications for student loans through higher institutions in Nigeria on behalf of the applicants, screen the applications to ensure that all requirements for the grant of students’ loan under the Act are satisfied. In the copy sighted by The Nation, “The bank shall also have the powers to approve and disburse the loan to qualified applicants;…
on Monday has elicited commendations from the public, especially students.It is also expected to see the establishment of an education bank.The bill was sponsored by Hon Femi Gbajabiamila.shows the bill seeks the establishment of the Nigerian Education Bank, which shall have powers to supervise, coordinate, administer, and monitor the management of student loans in Nigeria
“The Bill provides that notwithstanding anything to the contrary contained in other enactments, all students seeking higher education in any public institution of higher learning in Nigeria shall have an equal right to access the loan under this Act without any discrimination arising from gender, religion, tribe, position or disability of any kind.
2. They must have secured admission into any of the Nigerian Universities, Polytechnics, Colleges of Education or any vocational school established by the Federal Government or the government of any state of the Federation.4. Each of the guarantors must be a civil servant of not less than level 12 years in service, or a lawyer with at least 10 years post-call experience; of a judicial office of a justice of peace.
3. Each guarantor must submit two passport photographs, name of the employer and evidence of being so employed by the named organisation.
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