National Assembly Passes Bill On Student Loans; The Education Bank Bill, which would give students in public tertiary schools access to loans with no interest, has been approved by the National Assembly.
The bill’s sponsor and speaker of the House of Representatives, Mr. Femi Gbajabiamila, stated that it was intended to provide education for all Nigerians and other related objectives. Sending it to the president for approval is required.
The bill provides for the creation of the Nigerian Education Bank, which will be given authority to supervise, coordinate, administer, and monitor the management of student loans in Nigeria and accept applications for student loans from applicants through Nigerian higher education institutions. Additionally, it will examine the applications to ensure that all conditions precedent to the Act’s authorization of such loans were met.
National Assembly Passes Bill On Student Loans
The bank will have the authority to, among other things, approve and disburse the loan to qualified applicants; control, monitor, and coordinate the students’ loan account or fund and ensure compliance in regard to disbursement; monitor academic records of loan recipients to gather data on their year of graduation; perform national service, and find employment to ensure that loan recipients start repaying the loan when it is due.