National Assembly passes students loan bill

National Assembly passes students loan bill

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The two chambers of the National Assembly, on Wednesday, passed the Students Loan Bill, which would empower students in higher institutions of figuring out how to acquire financial assistance.

The bill, which was sponsored by the House of Representatives speaker, Femi Gbajabiamila, was named ‘A Bill for an Act to provide for easy access to higher education for Nigerians through an interest-free loan from the Nigerian Education Bank established in this Act with a view to providing education for Nigerians and for other purposes connected thereto.’

The bill looks for the establishment of the Nigerian Education Bank, which will have the abilities to oversee, coordinate, direct and screen the management of student loans in the country. It will likewise get applications for student loans through higher institutions in Nigeria for the candidates and screen the applications to ensure that all necessities for the award of such loans under the Act are satisfied.

Additionally, the bank will have the powers to approve and disburse to qualified applicants and ensure compliance in respect of disbursement, and monitor academic records of grantees to acquire information on their expected year of graduation, national service, and employment to ensure that grantees of the loan begin repayment as at when due, among different functions.

As per the Act, all students looking for higher education in public institutions of higher learning in Nigeria will have an equal right to get to the loan with no discrimination arising from gender, religion, tribe, position or disability.

The House of Representatives had recently passed the bill and sent it to the Senate for concurrence. With the Senate’s concurrence, a copy would be produced and sent to President Muhammadu Buhari for assent. Once it is signed into law, Nigerians will start getting to the loans.

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