Home » Senate To Begin Interest Free Loans For Students In Tertiary Institutions Nationwide.

Senate To Begin Interest Free Loans For Students In Tertiary Institutions Nationwide.

Nigerian Senate

Nigerian Senate

Nigerian Senate To Begin Interest Free Loans For Students In Tertiary Institutions Nationwide:

Details …

The Law makers of the Federal Republic of Nigeria (Senates), has said that it will establish an interest free loans for Students in Tertiary Institutions Nationwide. According to the Senate, a bill which seeks to provide a framework for education financing via the establishment of the National Student Financial Aid Scheme, on Wednesday, 15th June ,2022. scaled the second reading at the Senate.

Nigerian Senate
Nigerian Senate

At the Senate chamber, the bill, which was sponsored by Senator Umar Sulieman who is representing Kwara North Senatorial District, seeks to grant interest-free loans and bursaries to eligible students in tertiary institutions.

The Senator Disclosed that the scheme would also ensure the well-structured administration of such loans and bursaries and their recovery.

The information was contained in a statement signed by the Special Assistant to the Senate President, Dr Ezrel Tabiowo, on Wednesday, 15th June ,2022.

It can be recalled that the Nigeria Students Loan Board, established in 1982 to help undergraduate and graduate students finance their studies within and outside Nigeria, provided loans between 1972 and 1991 to a tune of N46 million, was suspended in 1992 after the Board failed to recover outstanding loans of over N40 million and added that the Students Loan Board was replaced by the Nigerian Education Bank in 1993.

The Education Bank serves as an intermediary in education credit market financing, which was designed to mobilise private sector resources for funding education.

Suleiman noted that the bill to establish the National Students Financial Aid Scheme also seeks to repeal the existing Nigerian Education Bank.

It was reported that after much consideration, the Senate President, Ahmad Lawan, referred the bill to the Committee on Tertiary Institutions and TETFUND for further input.

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