The Student Loan Bill was introduced by Femi Gbajabiamila, former speaker of the 9th House of Representatives, and was passed by MPs in late May 2023.
Gbajabiamila encouraged the Education Bank in November 2022 to make interest-free loans available to students in tertiary institutions in order to make paying education at that level more accessible to everybody.
He made the statements while presenting the University of Lagos’s 52nd convocation address.
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The talk was entitled “Building Back Better: Creating a New Framework for Tertiary Education in Nigeria in the Twenty-First Century.” In this regard, he noted that he supported the Student Loans (Access to Higher Education Bill) bill in the National Assembly.
As a legislator and politician, he noted that one of the most popular requests he always heard was for money for tertiary education, as talented children’s futures could be jeopardized.
“The bill proposes to provide students with interest-free loans.”
Following the House’s passing and President Tinubu’s assent, here are seven facts concerning the Student Loan Act:
1. The new act will establish the Nigerian Education Bank, which will supervise, coordinate, administer and monitor the management of student loans in Nigeria.
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2. Applicants will go through screening to determine whether they meet the requirements for the loan.
3. Students in all the higher institutions are eligible for the loan.
4. It provides funds for all education-related matters, including textbooks, and research.
5. It is only accessible to students studying in Nigeria.
6. There will be jail terms for student loan defaulters.
7. The repayment of the loan will begin two years after the National Youth Service Corps Scheme is completed.
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