Nigerian students set to have access to Interest free loans as lawmakers pass bill

A bill that allows Nigerian students to gain access to loans has been cleared by both houses of Nigeria’s Parliament. 

The bill, sponsored by House of Reps leader, Femi Gbajabiamila, called the Student Loan Bill, will enable students to possess use interest-free loans. 

This is disclosed in a record by the Office of the Speaker on Thursday. 

They revealed that the bill will enable Nigerian students to possess use financial assistance as both chambers advanced the bill. 

The bill: Work of House leader, Rep. Femi Gbajabiamila, said the bill was titled, “A Bill For An Act To Provide For Easy Access To Higher Education For Nigerians Through Interest-free Loans From The Nigerian Education Bank.” 

The House had passed the bill earlier and forwarded it to the Senate for concurrence. The Senate consequently passed the Bill on Nov. 22. 

They added the Senate’s concurrence on the bill; a clear copy will be produced and transmitted to President Muhammadu Buhari for assent. Once it’s signed into law, Nigerian students 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. 

In addition, they noted that students can receive applications for students loan through higher institutions in Nigeria concerning applicants. 

Applicants will be screened to make sure that all requirements for granting the loan under the Act are satisfied. 

“The financial institution shall also provide the powers to approve and disburse the loan to qualified applicants; control and monitor and coordinate the students’ loan.