Hi, everyone! Welcome back to my blog. Today, I have some amazing news to share with you. President Bola Tinubu has signed the **Students Loan Bill** into law on Monday, June 12. This is a remarkable achievement that will empower millions of Nigerian students who are pursuing higher education in the country.
The Students Loan Bill
was initiated by former Speaker of the 9th House of Representatives, Femi
Gbajabiamila, and approved by both chambers of the parliament two weeks ago.
The bill aims to enable indigent Nigerian students to access **interest-free
loans** from the federal government to finance their educational pursuit or
career.
The bill also provides
for the establishment of a **Nigerian Education Bank** with the objective to
provide education for all Nigerians in matters pertaining to loans. The bank
will be in charge of disbursing the loans to qualified students and collecting
them after graduation.
To qualify for the
loan, a student must meet the following requirements:
- The student must have
secured admission into any of the Nigerian universities, polytechnics, colleges
of education or any vocational school established by the federal government or
any state government.
- The student's income
or family income must be less than N500,000 (five hundred thousand naira) per
annum.
- The student must provide
at least two guarantors: each of the guarantors must be a civil servant of not
less than level 12 in the service; or a lawyer with at least 10 (ten) years
post-call experience; a judicial officer; or a justice of peace.
The loan will only
cover the payment of tuition fees and will be interest-free. The student will
only pay back the exact amount they collect. The repayment period will start
six months after graduation and will last for a maximum of 10 years.
This is a wonderful
opportunity for indigent Nigerian students who have been facing difficulties to
afford quality education in the country. Education is crucial to the economic
growth and development of any nation, and this bill will help to improve the
educational system in Nigeria.
I congratulate
President Tinubu for signing this bill into law and fulfilling one of his
promises to revamp education. I also commend former Speaker Gbajabiamila and
all the lawmakers who supported this bill. This is a landmark achievement that
will change the lives of millions of Nigerian students and future generations.
What are your thoughts
about this bill? Do you think it will make a difference in the educational
sector? Do you have any questions or concerns about it? Please share your
opinions in the comments section below. Thank you for reading and stay tuned
for more updates!
Here are some
additional sources that you can check out for more information about this bill:
- Student Loan Bill:
Tinubu to establish education bank
- Tinubu signs Student
Loan bill, to establish Education bank
- New dimensions in
educational financing: the Nigerian Education Bank
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