Tinubu signs student loan bill into lawPresident Bola Ahmed Tinubu

-
Tinubu signs student loan bill into law
President Bola Ahmed Tinubu



Tinubu





⁣President Bola Tinubu has signed the Student Loan Bill into law. ⁣⁣
⁣
An aide to the president, Dele Alake, disclosed this to State House Correspondents on Monday evening.⁣⁣
⁣
The bill will enable Nigerian students to access loans at interest-free rates. ⁣⁣

ICYMI: Students loan bill proposes jail term for defaulters



Mr Dele Alake, a presidential spokesman, disclosed this on Monday at the end of the signing at the Presidential Villa, Abuja.

Alake said the bill would boost the educational pursuit of the youths across the country, adding that to enjoy the facility, students must show evidence of being indigent.

He said that a committee drawn from all the relevant education stakeholders would be set up to handle the process of an efficient disbursement of the loans.

Alake said that a percentage of the revenue of the Federation would be used to finance the new initiative.

Mr Andrew Adejo, the Permanent Secretary in the Ministry of Education, said the bill would rest the case of lack of funds hindering indigents’ educational pursuit.


He said the signing of the bill signified how the Tinubu administration intended to handle the issue of qualitative and quantitative education in its period.


Adejo said the ministry already had experience in students’ financial dealings through the student scholarship boards scheme.

He added that the country’s handling of loan recovery in various projects would also come in handy in the recouping of loans.

He added that the interest-free loan would be disbursed based on the student’s number of years of study and ability to pay back.

The permanent secretary said the media should assist in disseminating information on the issue of funding of education in the country.

H said the states should march the financial and technical support of the Federal Government in order to give Nigerians good education.

The PUNCH reported that the Students Loan Bill recommended two years imprisonment or N500,000 or both for students who default in repayment or anyone found aiding defaulters.


The piece of legislation passed second reading at the House of Representatives on May 25, 2023.

The bill, which was sponsored by Gbajabiamila, was titled ‘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 to provide education for Nigerians and other purposes connected thereto


Comments

Post a Comment

Popular posts from this blog

Customs Begins Sale Of Rice At N10,000 Per 25kg

-
Image
Customs Begins Sale Of Rice At N10,000 Per 25kg In fulfillment of the promise made a few days ago as aligning with the federal government’s avowed desire to mitigate the hardship presently being experienced by the general populace, the Nigeria Customs Service is today commencing the sale of seized, but verifiably determined healthy for consumption rice to the public. The Comptroller General of Customs, Adewale Adeniyi, Thursday affirmed the determination of the government to alleviate the suffering of the people through calculated interventions and clear thought out policies as he spoke with press men at the Harvey road, Yaba Lagos, Zonal Headquarters of the Nigeria Customs Service. He said “In recent months, the government has been addressing the challenges faced within our economy, particularly the lagged effects of insecurity and the current exchange rate issues. These challenges have exacerbated concerns about foods security leading to a concerning trend where food item
Read more

Emefiele operating separate $47bn foreign reserve account, 527 others without FG’s knowledge – Report

-
Image
Emefiele operating separate $47bn foreign reserve account, 527 others without FG’s knowledge – Report Suspended Central Bank of Nigeria Governor, Godwin Emefiele has unilaterally been operating a separate foreign reserve account on behalf of the country without the knowledge of the Federal Government, a security report has revealed. Emefiele, according to the report, masterminded the creation of two foreign reserve accounts for Nigeria with the second one the Federal Government is not aware of, having about $47billion. CBN under Emefiele, the report further revealed, has also been running no fewer than 527 private bank accounts with public monies running to several billions stashed in them without the government being in the know. These allegations, amongst several others against Emefiele, are contained in a security report submitted by the Department of State Services to former president Muhammadu Buhari since January this year. The security report was sighted by our corre
Read more

DSS Arrests CBN Governor, Godwin Emefiele, Minutes After His Suspension

-
Image
DSS Arrests CBN Governor, Godwin Emefiele, Minutes After His Suspension  The suspended Governor of Central Bank of Nigeria, Godwin Emefiele, has been arrested by DSS. He was arrested by DSS on Friday. The arrest was reported shortly after President Bola Tinubu suspended Emefiele. According to the president, Emefiele was suspended due to the ongoing investigation of his office and the planned reforms in the financial sector of the economy. Prior to Emefiele’s suspension, the DSS, on December 7, 2022, in an exparte application with reference no: FHC/ABJ/CS/2255/2022, sought an order to arrest the CBN Governor. The security agency accused Emefiele of financing terrorism, fraudulent activities and economic crimes of national security dimension. The Chief Judge of the Federal High Court, Justice J.T Tsoho, however, refused to grant the application of the DSS. The court said such an application should have been accompanied with the presidential approval because of the grave impli
Read more