The Federal Government has stated that plans are underway to commence the student loan programme in the September/October 2023 academic year.
This was revealed by the Permanent Secretary to the Federal Ministry of Education, Andrew Adejo while speaking to journalists in Abuja on Wednesday.
He said that all necessary measures that will ensure the loans are disbursed from September/ October are being put in place, adding that the President has approved a committee made up of ministries and agencies to see that the objectives of the new law are realized.
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THE WHISTLER reported when President Bola Tinubu signed the bill into law a few days ago, expressing his commitment to improving education in the nation and ensuring that talented students are not hindered by financial constraints in pursuing their dreams.
The bill, which was sponsored by the outgoing Speaker of the House of Representatives, Femi Gbajabiamila, aims to provide interest-free loans to indigent Nigerian students.
“The bill is to make sure that every Nigerian has access to higher education through what we called the Higher Education Nigerian Bank.
“The Act as it is tells us the process, but as I speak with you today, the president has approved the committee made up of the Ministries and agencies and their meeting will be coming up 20th of June.
“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 very serious march for us so between now and then we have to phantom the process for people to get the loan,” Adejo said.
The Permanent Secretary added that the FG would not engage existing banks to house the funds of the loan and that the loan would be available to students of public and private tertiary institutions.
“We are not going to use existing banks. We are going to create a new bank that will address this because we can’t use an existing bank.
“Learning from past mistakes, the bank is not going to be the type that will sit down and be collecting application loans, it will also perform normal banking functions and make sure loans are given because we had cases of loan recovery in the past.
“We don’t want to make it that only people who want to go to public schools will benefit from, private schools are paying tuition so you have to give them the opportunity.
“The loan is for you to get an education programme and get employed then you start paying back. The loan recovery does not start until you get employed,” he said.
According to Adejo, only three people have seen the Act as of June 12, President Tinubu, the current Chief of Staff, and himself.