By John Ikani
Nigerian students in higher institutions of learning stand to gain more access to financial assistance as the two chambers of the National Assembly passed the Students Loan Bill.
The bill, sponsored by House of Reps leader, Femi Gbajabiamila, will enable students to have access to interest-free loans.
This was disclosed in a statement by Lanre Lasisi, spokesman to Gbajabiamila.
According to him, the House had passed the bill earlier this year and forwarded it to the Senate for concurrence.
With the Senate’s concurrence, a clean copy would be produced and transmitted to President Muhammadu Buhari for assent.
Once it is signed into law, Nigerian students would begin accessing the loans.
More about the Students Loan Bill
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.
