The Federal Government of Nigeria has revealed that it is finalizing the necessary procedures for the disbursement of student loans, with the anticipated commencement expected to be between September and October of this year. David Adejo, the Permanent Secretary of the Federal Ministry of Education, made this announcement during a press briefing in Abuja, where he discussed the details of the recently passed Student Loan Act.
The Student Loan Bill, which was signed into law by President Tinubu, fulfills a campaign promise made by the President. The bill, sponsored by Femi Gbajabiamila, Speaker of the House of Representatives, aims to provide interest-free loans to needy Nigerian students.
In his statement, Adejo emphasized that the newly established Higher Education Nigerian Bank would be responsible for administering the loans. He clarified that this specialized bank would not only process loan applications but also carry out regular banking functions and ensure that loans are granted effectively. The creation of this dedicated institution aims to rectify previous challenges associated with loan recovery.
Adejo also highlighted the formation of a committee composed of representatives from various ministries and agencies, as directed by the President. This committee is scheduled to convene on June 20 to discuss the implementation process. The Permanent Secretary conveyed the President's firm directive to begin disbursing the loans to eligible students between September and October of the current academic session.
Furthermore, Adejo stressed the need for an efficient and streamlined system to track the progress of the loan scheme. He emphasized that the primary objective of the loan program is to enable applicants to pursue higher education and subsequently secure employment. Adejo made it clear that loan repayment would not commence until the recipient has obtained employment.
In response to concerns regarding the eligibility criteria, Adejo assured the public that the loans would not be restricted to public school students. He acknowledged the financial burden faced by students attending private institutions and emphasized the government's commitment to providing equal opportunities for all applicants.
As the Federal Government takes significant strides towards the disbursement of student loans, the establishment of a specialized bank and a robust tracking system indicates its determination to enhance access to higher education across Nigeria. Students eagerly await the commencement of the loan program, which holds the potential to transform their educational aspirations into tangible realities.
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