The federal government, Wednesday, said it had begun putting all necessary measures in place to ensure students loan begin between September and October 2023.
The Permanent Secretary, Federal Ministry of Education, Andrew David Adejo, who revealed this while speaking to newsmen in Abuja, said already, President Bola Tinubu has approved a committee made up of ministries and agencies to see to the realization of the Students Loan Bill he recently assented to.
Recall that the Tinubu had last week, signed into law the Student Loan Bill in fulfilment of a promise he made during his campaign.
The Students Loan Bill, sponsored by the Speaker of the 9th House of Representatives, Femi Gbajabiamila, provides for interest-free loans to indigent Nigerian students.
The law is to provide easy access to higher education for indigent Nigerians through interest-free loans from the Nigerian Education Loan Fund, the Permanent Secretary said.
Adejo said “The bill is to make sure that every Nigerian has access to higher education through what we called the Higher Education Nigerian Bank.
Learning from past mistakes, the bank is not going to be the type that will sit down and be collecting application loans, it will also perform normal banking functions and make sure loans are given because we had cases of loan recovery in the past.
“The Act as it is tells us the process, but as I speak with you today, the president has approved the committee made up of the Ministries and agencies and their meeting will be coming up 20th of June.
