Nigerian Students To Access Study Loan As NASS Passes Education Bank Bill

The two Chambers of the National Assembly have passed the Students Loan Bill aimed at availing students the finance to commence, continue and complete their tertiary education.

The bill titled “Students Loan (Access to Higher Education) Bill, 2019” was sponsored by the Speaker of the House of Representatives, Femi Gbajabiamila.

This was disclosed in a statement by his Special Adviser on Media and Publicity, Lanre Lasisi.

The legislation, if assented by President Muhammadu Buhari, will see to the establishment of a Nigerian Education Bank from which Nigerians can draw interest-free loans through which they can access higher education or any related purpose.

Debating on the bill, the Speaker had said that education is germane to national development, and that if the citizens have access to it, they would benefit the nation.

“In tandem with the federal government’s interest and quest in ensuring access to higher education, the National Assembly has agreed to prescribe a legislation that will guarantee access to quality higher education by qualified Nigerians, ” he said.

The loan will be for sorting out tuition fees.

The statement partly reads, ” With the Senate’s concurrence on the Bill, a clean copy will be produced and transmitted to President Muhammadu Buhari for assent. Once it is signed into law, Nigerian students could begin to access the loans.

” The bill seeks the establishment of the Nigerian Education Bank, which shall have powers to supervise, coordinate, administrate, and monitor the management of student loans in Nigeria and recieve applications for students loan through higher institutions in Nigeria on behalf of the applicants, screen the applications to ensure that all requirements for the grant of students’ loan under the Act are satisfied.

” The bank shall also have the powers to approve and disburse the loan to qualified applicants; control and monitor and coordinate the students’ loan account/fund and ensure compliance in respect of disbursement; monitor academic records of grantees of the loan to obtain information on their year of graduation, national service, employment to ensure the grantees of the loan commence repayment of the loan as at when due, among other functions.

“The loan referred to in this Act shall be granted to students only for the payment of tuition fees.”