Nov. 22, 2022

Nigerian students in institutions of higher learning would gain more access to financial assistance as the two chambers of the National Assembly have passed the students loan Bill.

According to Mr. Lanre Lasisi, Special Adviser on Media and Publicity to the Speaker in a statement in Abuja on Tuesday, the bill was sponsored by Rep. Femi Gbajabiamila, the Speaker of the House of Reps.

He said the Bill was titled, “A Bill for an Act to provide for easy access to higher education for Nigerians through interest-free loans from the Nigerian Education Bank.”

The House had passed the bill earlier and forwarded it to the Senate for concurrence. The Senate in turn passed the Bill on Nov. 22.

Lasisi said with the Senate’s concurrence on the Bill, a clean copy would be produced and transmitted to President Muhammadu Buhari for assent.

He said once it is signed into law, Nigerian students could begin accessing the loans.

According to him, the Bill seeks the establishment of the Nigerian Education Bank, which shall have powers to supervise, coordinate, administer, and monitor the management of student loans in Nigeria.

He said it would also receive applications for students loan through higher institutions in Nigeria on behalf of applicants.

He said the applicants would be screened to ensure that all requirements for granting the 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. (NAN)