Hon. Femi Gbajabiamila, the former Speaker of the 9th House of Representatives proposed the Student Loan Bill and it was passed by the lawmakers on May 25, 2023.
Gbajabiamila who is now the New Chief Of Staff (CoS) to the newly inaugurated President of Nigeria, Bola Tinubu, advised the Education Bank to provide interest-free loans to students in tertiary institutions in order to make funding education at that level more accessible to all.
Gbajabiamila made this declaration while delivering the 52nd convocation address at the University of Lagos.
He spoke on the topic of the presentation titled, “Building Back Better: Creating a New Framework for Tertiary Education in Nigeria in the Twenty-First Century.”
In this regard, he stated that he has supported a bill in the National Assembly named Student Loans (Access to Higher Education Bill).
At the Presentation, the Speaker remarked that one of the most common requests he always heard was money for tertiary education, as the future of talented kids could be jeopardised.
“The bill proposes to provide students with interest-free loans.”
However, we must clearly recognise that public support for any such system will be heavily reliant on tertiary institutions.
Following the passage by House and the assent by President Tinubu on June 12 which happens to be the Democracy Day celebration, here are seven things to know about the Student Loan Bill below:
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1. The new act will establish the Nigerian Education Bank, which will supervise, coordinate, administer and monitor the management of student loans in Nigeria.
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 these loans will begin two years after the National Youth Service Corps Scheme (NYSC) is completed.
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 these loans will begin two years after the National Youth Service Corps Scheme (NYSC) is completed.
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