House of Representatives is currently considering a bill seeking to
establish a Nigerian Education Bank, largely aimed at helping poor students. If it becomes a law, beneficiaries will commence repayment two years after the completion of their National Youth Service Corps programme.

Those entitled to the loan are poor students seeking higher education and indigent students from a home with an annual income of less than N500,000 per annum.

The Nigerian Education Bank will grant interest-free loans (Student’s Loans), to be eligible for such loans, the applicant must have secured admission into any Nigerian universities,polytechnics, colleges of education or any vocational school established by the Federal Government or the Government of States of the Federation.

The repayment will take the form of direct deduction of 10 per cent of the beneficiary’s salary at source, by the employer and credited to a student loan account domiciled with the education bank. According to the bill, defaulters are liable, on conviction, to two-year jail term or a fine of N500, 000.

What are thoughts on this?
Student's loan in Nigeria, A welcome development or is it long overdue?

Nice one but kinda long overdue.

We are magicians in this country, I won't be surprised if they come out and say the bill would not be passed because of xyz reasons. Despite the fact that its long overdue. The only good things they see abroad is how government take from their citizens, not how they give back.