A major rejig of the student loan scheme of the Federal Government has been proposed for legislation by the National Assembly. The new plan will ease loan access by students. It was sent yesterday as an Executive Bill to the Senate and the House of Representatives for consideration and passage. Yesterday would have been the official kick-off of the program, but it was shifted indefinitely. The new Bill seeks to scrap the Student Loan Act, which is to be substituted.
President Bola Ahmed Tinubu on June 12, 2023, signed into law the Student Loan Bill to provide interest-free loans to Nigerians seeking higher education. It was sponsored by former House of Representatives Speaker Femi Gbajabiamila, now Chief of Staff to the President. It was introduced in 2016 as part of measures to address the funding gaps in tertiary education.
The new Bill got expeditious consideration at the two chambers. It spells out the funding structure and other conditions attached to the loan. The Bill, which scaled the first and second reading on Day 1, proposes one percent of all collectable revenue by the Federal Inland Revenue Service (FIRS) to fund the scheme.
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