Nigerian students will begin to enjoy financial aid when President Bola Ahmed Tinubu signs the Student Loan Bill into law.
Tinubu signed a bill aimed at improving the education industry across the country, today, Monday, June 12, 2023.
The newly enacted law paved the way for the establishment of the Nigerian Education Bank. The institution will be empowered to oversee, coordinate, administer and monitor the administration of student loans across the country.
It will act as a central hub for processing loan applications from students enrolled in higher education institutions in Nigeria. The bank, understood, will carefully screen these applications to ensure they meet all the requirements outlined in the Act.
In addition, the Nigerian Education Bank will have the power to approve and disburse loans to qualified applicants. It will diligently monitor and coordinate student loan accounts, ensuring compliance with disbursement procedures.
The bank will also track the academic records of loan recipients, including information about their graduation, national obligations and employment. This monitoring process ensures that the beneficiaries of the loan begin to repay the loan as soon as it is due, in addition to other important functions.
Reportedly, the Bill emphasizes equal access to the loan program for all students pursuing higher education at public institutions in Nigeria. Discrimination based on sex, religion, tribe, social status or disability is collected, prohibited under this Act, ensuring equal and inclusive opportunity for all .
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