The Federal Government announced on Wednesday that it is taking the necessary steps to ensure the commencement of student loans between September and October 2023.
This development was announced during a press conference in Abuja, where Andrew David Adejo, the Permanent Secretary of the Federal Ministry of Education disclosed that a committee comprising various ministries and agencies, as approved by President Tinubu, has been tasked with ensuring the successful realization of the recently assented Students Loan Bill.
Sponsored by the Speaker of the 9th House of Representatives, Femi Gbajabiamila, the Student Loan Bill aims to provide interest-free loans to financially disadvantaged Nigerian students.
Its primary objective is to facilitate easier access to higher education through the Nigerian Education Loan Fund, as stated by the Permanent Secretary.
Adejo emphasized that the establishment of the Higher Education Nigerian Bank, in line with the provisions of the bill, will ensure that all Nigerians have the opportunity to pursue higher education.
Notably, the bank will not solely focus on loan applications but will also carry out regular banking functions while guaranteeing the disbursement of loans. Adejo emphasized that the mistakes of previous loan recovery cases have been taken into account, and the newly established bank will streamline the loan process accordingly.
The committee, comprised of relevant ministries and agencies, is scheduled to convene on June 20th to discuss the necessary procedures outlined in the Student Loan Bill.