The latest News On FG Student Loan Approval And Disbursement Today 30th June 2023 can be accessed below.
President Bola Tinubu Enacts Student Loan Bill, Ensuring Access to Higher Education in Nigeria
In a significant development, President Bola Tinubu officially enacted the Access to Higher Education Bill, commonly known as the Student Loan Bill, on June 12th. This bill, sponsored by Femi Gbajabiamila, the Speaker of the House of Representatives and Chief of Staff to the President-designate, successfully passed through the Legislative in May 2023. The primary objective of this legislation is to facilitate convenient access to higher education for Nigerians.
The Federal Government has announced the anticipated dates for the disbursement of student loans, which are expected to commence between September and October 2023. David Adejo, the Permanent Secretary of the Federal Ministry of Education, revealed these details to reporters in Abuja while discussing the new Student Loan Act.
To ensure accessibility, the bill establishes the Higher Education Nigerian Bank, a new bank specifically created for this purpose. Unlike previous approaches, this bank will not solely focus on loan collection but also perform regular banking functions to guarantee efficient loan disbursement. The aim is to address past issues related to loan recovery.
As part of the implementation process, a committee comprising ministries and agencies has been approved by the President, with a meeting scheduled for June 20. President Tinubu has directed that recipients of these loans should be visible by September to October of the ongoing academic session (2023–2024). This reflects the administration’s commitment to expediting the loan disbursement process, emphasizing the importance of timely access to funds for aspiring students.
Here are eight key facts about the new student loan law in Nigeria:
- All applicants must apply through the Chairman of the Bank and the Student Affairs Office of their respective institutions, including universities, colleges of education, polytechnics, or vocational schools established by the Federal Government or any State Government.
- The applicant’s income or family income should be less than N500,000 per annum.
- Each applicant must provide two guarantors who meet specific criteria, such as being a civil servant with at least 12 years of experience, a lawyer with at least 10 years post-call experience, a judicial officer, or a Justice of Peace.
- Students can be disqualified if they or their parents have defaulted on any previous loans, have been convicted of drug-related offenses or felonies involving dishonesty or fraud, or have been found guilty of exam malpractices by any school authority.
President Tinubu’s signing of the Student Loan Bill aligns with his commitment to reforming the education system in Nigeria and finding new ways to fund tertiary education. By granting universities financial autonomy, his administration aims to explore alternative sources of financing, including grants, corporate sponsorships, and tuition fees, with the objective of resolving the recurring strikes by the Academic Staff Union of Universities (ASUU) due to inadequate funding.
“I will initiate a new creative means of funding tertiary education by granting universities the financial autonomy to explore new sources of financing through grants, corporate sponsorship, tuition fees, etc.,” stated President Tinubu. He further emphasized the importance of collaboration among tertiary education stakeholders, including students, parents, the academic community, relevant unions, and the government.
Stay tuned for more updates on student loan approval and disbursement. For additional news, visit GoldenNewsNg , and remember to check back tomorrow for the latest information.
