Students of Nigerian universities may have access to student loans as soon as the president gives his assent to the Students Loan Bill.
The bill, sponsored by the Speaker of the House of Representatives, Femi Gbajabiamila, has been passed by the two Chambers of the National Assembly.
The Speaker’s Special Adviser on Media and Publicity, Lanre Lasisi, disclosed this in a statement.
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If assented by President Muhammadu Buhari, the bill would be used in establishing a Nigerian Education Bank from which students can access loans to pay for tuition.
Gbajabiamila stated that the National assembly has agreed to prescribe legislation to guarantee qualified Nigerians have access to quality higher education to fulfill the government’s interest in providing access to higher education.
The statement reads in part, ”The bill seeks the establishment of the Nigerian Education Bank, which shall have powers to supervise, coordinate, administrate, and monitor the management of student loans in Nigeria and recieve applications for students loan 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.
” The bank shall also have the powers to approve and disburse the loan to qualified applicants; control and monitor and coordinate the students’ loan account/fund and ensure compliance in respect of disbursement; monitor academic records of grantees of the loan to obtain information on their year of graduation, national service, employment to ensure the grantees of the loan commence repayment of the loan as at when due, among other functions.
“The loan referred to in this Act shall be granted to students only for the payment of tuition fees.”
