BREAKING: FG set to begin giving student loans in September

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The Federal Government has announced that it is working out modalities to begin student loan between September and October 2023.

The Permanent Secretary, Federal Ministry of Education, David Adejo, revealed this in Abuja on Wednesday while addressing newsmen on the bill signed by President Bola Tinubu.

Adejo said the law would provide easy access to higher education for indigent Nigerians through interest-free loans from the Nigerian Education Loan Fund.

He added that the loan covers loan students in private and public schools.

Adejo disclosed that that president Tinubu had also approved a committee made up of ministries and agencies to see to the fruition of the loan scheme.

According to him, the bill is to make sure that every Nigerian has access to higher education through what we called the Higher Education Nigerian Bank.

“Learning from past mistakes, the bank is not going to be the type that will sit down and be collecting application loans.

”It will also perform normal banking functions and make sure loans are given because we had cases of loan recovery in the past.

“The Act as it is tells us the process, but as I speak with you today, the president has approved the committee made up of the ministries and agencies and their meeting will be coming up on June 20.

“The president has also directed that by September to October this 2023/2024 academic session, he wants to see recipients of these loans. So it is a very serious march for us so between now and then we have to phantom the process for people to get the loan,” he said.

“We are not going to use existing banks. We are going to create a new bank that will address this because we can’t use an existing bank.

“We don’t want to make it that only people who wants to go to public schools will benefit from it, private schools are paying tuition so you have to give them the opportunity.

He said the loan is for students to get an education programme and get employed, then you start paying back. The loan recovery does not start until you get employed.

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