Nigerian students will soon have access to loans as lawmakers pass bill

A bill to enable Nigerian students access loans has been cleared by both houses of Nigeria’s Parliament. 

The bill, sponsored by House of Reps leader, Femi Gbajabiamila, called the Student Loan Bill, will enable students to have access to interest-free loans. 

This was disclosed in a statement by the Office of the Speaker on Thursday. 

They revealed that the bill will enable Nigerian students to have access to financial assistance as the two chambers advanced the bill. 

The bill: The office of House leader, Rep. Femi Gbajabiamila, said the bill was titled, “A Bill For An Act To Provide For Easy Access To Higher Education For Nigerians Through Interest-free Loans From The Nigerian Education Bank.” 

The House had passed the bill earlier and forwarded it to the Senate for concurrence. The Senate in turn passed the Bill on Nov. 22. 

They added the Senate’s concurrence on the bill; a clean copy would be produced and transmitted to President Muhammadu Buhari for assent. Once it is signed into law, Nigerian students will begin accessing the loans. 

The bill seeks the establishment of the Nigerian Education Bank, which shall have powers to supervise, coordinate, administer, and monitor the management of student loans in Nigeria. 

They also noted that students can receive applications for students loan through higher institutions in Nigeria on behalf of applicants. 

Applicants would be screened to ensure that all requirements for granting the loan under the Act are satisfied. 

“The bank shall also have the powers to approve and disburse the loan to qualified applicants; control and monitor and coordinate the students’ loan.