President Tinubu Signs Student Loan Bill Into Law
An aide to the president, Dele Alake, disclosed this to State House Correspondents on Monday, June 12, 2023 evening.
The bill will enable Nigerian students to access loans at interest-free rates.
The legislation, which seeks to provide financial assistance to Nigerian students in tertiary institutions, passed the third reading in the lower chamber in May.
The bill was sponsored by Femi Gbajabiamila, immediate-past speaker of the House of Representatives.
Dele Alake, a former Lagos commissioner of information and strategy, announced the signing of the bill to state house correspondents.
Alake said the bill would boost the educational pursuit of the youths across the country, adding that to enjoy the facility, students must show evidence of being indigent.
He said that a committee drawn from all the relevant education stakeholders would be set up to handle the process of an efficient disbursement of the loans.
Alake said that a percentage of the revenue of the Federation would be used to finance the new initiative.
Mr Andrew Adejo, the Permanent Secretary in the Ministry of Education, said the bill would rest the case of lack of funds hindering indigents’ educational pursuit.
He said the signing of the bill signified how the Tinubu administration intended to handle the issue of qualitative and quantitative education in its period.
Adejo said the ministry already had experience in students’ financial dealings through the student scholarship boards scheme.
He added that the country’s handling of loan recovery in various projects would also come in handy in the recouping of loans.
He added that the interest-free loan would be disbursed based on the student’s number of years of study and ability to pay back.
The permanent secretary said the media should assist in disseminating information on the issue of funding of education in the country.
H said the states should march the financial and technical support of the Federal Government in order to give Nigerians good education.
Source:- The Punch News