On Wednesday, the federal government revealed intentions to begin an interest-free student loan program between September and October 2023.
Andrew David Adejo, Permanent Secretary, Federal Ministry of Education, made the announcement during a news conference in Abuja.
He disclosed that President Bola Tinubu has authorized the formation of a committee comprised of several ministries and agencies to hasten the implementation of the recently approved Students Loan Bill.
UPDATE: Bola Tinubu Signs Student Loan Bill Into Law
President Tinubu signed the Students Loan Bill, sponsored by Speaker of the 9th House of Representatives Femi Gbajabiamila, into law last week, fulfilling a campaign pledge.
According to Adejo, the purpose of this legislation is to provide low-income Nigerians with simple access to higher education through interest-free loans from the Nigerian Education Loan Fund.
“The bill is to ensure that every Nigerian has access to higher education through what we called the Higher Education Nigerian Bank,” Adejo noted.
To increase the loan scheme’s efficiency, the government will build a specialist bank and tracking system.
Not only will the bank process loan applications, but it will also conduct conventional banking duties.
According to Adejo, “The president has also directed that by September to October of this 2023/2024 academic session, he wants to see recipients of these loans. So it is a serious task for us, and we have to devise the process for people to get the loan between now and then.”
Seven Important Facts Yo Need To Know About The Student Loan Act
Both private and public school students will be eligible for these loans.
“We don’t want to make it that only people who want to go to public schools will benefit from this, private schools are paying tuition so you have to give them the opportunity,” Adejo elaborated.
One significant component of the loan system is that repayment will not begin until the beneficiary finds work.
Adejo praised President Tinubu’s emphasis on job creation and policy direction, which he attributes to his private-sector experience.
The Act had only been seen by the president, the Chief of Staff, and the Permanent Secretary himself as of June 12.
UPDATE: NANS Salutes Tinubu For Signing Student Loan Bill Into Law
Adejo recommended the public to wait for the formal Gazette of the Act, which would be issued by the Ministry of Justice.
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