By Princess-Ekwi Ajide, Abuja
Federal Government of Nigeria says it is working out modalities to commence disbursement of student loans by September/October 2023.
The Permanent Secretary, Federal Ministry of Education, Andrew Adejo, who disclosed this in Abuja while addressing journalists on the Students Loan Act, said President Bola Tinubu gave his assent in fulfilment of his campaign promise.
The Student Loan Act provides interest-free loans to indigent Nigerian students so as to enable them access higher education easily through the Higher Nigerian Education Bank.
The specialised bank according to the Permanent Secretary, is for the operation of the loans, noting that there will be a tracking system for efficient run of the loan scheme to make sure loans given are refunded which starts when the beneficiary gets employed unlike in the past when there were problems in loan recovery.
According to him, learning from past mistakes, the bank will not just collect loan applications, but will also perform normal banking functions to cover students in both private and public institutions.
The Permanent Secretary stated that president Tinubu had also approved a committee made up of Ministries and Agencies to see to the fruition of the loan scheme, which will hold its meeting on the 20th of June, 2023.
Mr Adejo, disclosed that the President had also directed that by September to October this 2023/2024 academic session, there should be recipients of the loans hence the need to hasten up to figure out the process for people to get the loan.
He said though the President has assented to the Bill, the Act is yet to be gazetted by the Ministry of Justice.
