Lifestyle Nigeria gathered that the Students Loan Bill, which aims to give Nigerian students in higher education access to financial aid, was finally approved by the National Assembly and was sponsored by Speaker Hon. Femi Gbajabiamila.
‘Bill for an Act to allow for easy access to higher education for Nigerians through interest-free loans from the Nigerian Education Bank, formed in this Act with a view to provide education for all Nigerians and for other objectives linked thereto,’ reads the proposed law.
The bill was approved by the House earlier this year and sent to the Senate for consideration. A clean copy will be created and given to President Muhammadu Buhari for approval with the Senate’s approval. Nigerian students would be able to acquire the loans after it became legislation.
The bill calls for the creation of the Nigerian Education Bank, which will be given the authority to supervise, coordinate, administer, and monitor the management of student loans in Nigeria. It also calls for the bank to receive applications for student loans from applicants through Nigerian higher education institutions and to screen those applications to make sure they meet all requirements for the Act’s grant of such loans.
The bank will also have the authority to approve and disburse loans to eligible applicants; control, monitor, and coordinate the students’ loan account or fund and ensure compliance with respect to disbursement; monitor grantees’ academic records to gather data on their graduation year; perform national service; and find employment to ensure that grantees start repaying loans when they are due, among other duties.
Gbajabiamila had stated in the proposed legislation that access to high-quality higher education was difficult, stressful, and in some circumstances impossible due to the hardships encountered by the unemployed and low-income workers as well as the extremely high cost of living in Nigeria over time.