The federal government, Wednesday, said it had begun putting
all necessary measures in place to ensure students loan begin between September
and October 2023.
The Permanent Secretary, Federal Ministry of Education,
Andrew David Adejo, who revealed this while speaking to newsmen in Abuja, said
already, President Bola Tinubu has approved a committee made up of ministries
and agencies to see to the realization of the Students Loan Bill he recently
assented to
Recall that the Tinubu had last week, signed into law the
Student Loan Bill in fulfilment of a promise he made during his campaign.
The Students Loan Bill, sponsored by the Speaker of the 9th House of Representatives, Femi Gbajabiamila, provides for interest-free loans to indigent Nigerian students.
The law is to provide easy access to higher education for
indigent Nigerians through interest-free loans from the Nigerian Education Loan
Fund, the Permanent Secretary said.
Adejo said “The bill is to make sure that every Nigerian has
access to higher education through what we called the Higher Education Nigerian
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.
“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,” he added.
The Permanent Secretary further said the government will
create a specialised bank for the operation of the loans, noting that there
will be a tracking system for the efficient running of the loans scheme.
He also said it will cover both students in private and
public schools, adding that the government will create a new bank for it.
“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.
“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.
While commending President Tinubu as a job creator he said,
“Our current president today is a job creator from his experience from the
private sector and he has given us policy direction and job creation is one of
the things he is going to do, even though you cannot create a job for
everybody.”
According to him, as of June 12, only three people have seen
the Act, which is the president, the current Chief of Staff and himself.
“What you have seen is the bill. The president has assented
to the bill, let us wait to see the Act and you get the Act when it is
transmitted to the Ministry of Justice to produce a gazette,” he said.
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