Bank for student loans takes a big step closer to fruition

Both chambers of Nigeria’s National Assembly have finally passed the Students Loan Bill sponsored by Speaker Femi Gbajabiamila, which aims to enable Nigerian students in higher institutions of learning to have access to financial assistance, writes Udora Orizu for This Day.

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.

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 and receive applications for students’ loans through higher education institutions in Nigeria on behalf of the applicants, and screen the applications to ensure that all requirements for the grant of such loans under the act are satisfied.
Full report on the This Day site