A bill seeking to provide for the establishment of the
National Student Financial Aid Scheme scaled second reading in the Senate, on
Wednesday.
The bill sponsored by Senator Umar Suleiman (APC, Kwara
North), seeks to provide a realistic framework for the success of education
financing.
Suleiman, in his lead debate on the principles of the bill,
said the same provides for the management, governance and administration of the
scheme.
According to him, the National Student Financial Aid Scheme,
upon its establishment, would grant interest-free loans and bursaries to
eligible students at higher Institutions.
He added that it would also ensure the well-structured
administration of such loans and bursaries and their recovery.
He recalled that the Nigeria Students Loan Board which was
established in 1982 to help students finance undergraduate and graduate studies
within and outside Nigeria, provided loans between 1972 and 1991 totalling N46
million to help students finance their education.
He disclosed that out of the sum, the Board faced the
problem of recovering outstanding loans of over N40 million, which led to the
suspension of the scheme in 1992.
He stated that the Students Loans Board was replaced in 1993
by the Nigerian Education Bank.
He explained that the Education Bank serves as a major
intermediary in education credit market financing, and is designed to harness
private sector resources for funding education.
The lawmaker noted that the bill to establish the National
Students Financial Aid Scheme also seeks to repeal the existing Nigerian
Education Bank.
The bill after consideration was referred by the Senate
President, Ahmad Lawan, to the Committee on Tertiary Institutions and TETFUND
for further input.
Meanwhile, a bill to establish the Federal University of
Education (Technical) Bichi, also scaled second reading on Wednesday.
The bill was sponsored by Senator Jibrin Barau (APC, Kano
North).
The bill after consideration was also referred by the Senate
President to the Committee on Tertiary Institutions and TETFUND.
The Committee was given four weeks to report back to the
Senate in plenary.
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