A bill seeking to provide for the establishment of the National Student Financial Aid Scheme scaled second reading in the Senate, on Wednesday.

Video

https://www.youtube.com/watch?v=LTdG0e8hfbs

The bill sponsored by Senator Umar Suleiman (APC, Kwara North), seeks to provide a realistic framework for the success of education financing.

Suleiman, in his lead debate on the principles of the bill, said the same provides for the management, governance and administration of the scheme.

According to him, the National Student Financial Aid Scheme, upon its establishment, would grant interest-free loans and bursaries to eligible students at higher Institutions.

He added that it would also ensure the well-structured administration of such loans and bursaries and their recovery.

He recalled that the Nigeria Students Loan Board which was established in 1982 to help students finance undergraduate and graduate studies within and outside Nigeria, provided loans between 1972 and 1991 totalling N46 million to help students finance their education

A bill seeking to provide for the establishment of the National Student Financial Aid Scheme scaled second reading in the Senate, on Wednesday.

The bill sponsored by Senator Umar Suleiman (APC, Kwara North), seeks to provide a realistic framework for the success of education financing.

Suleiman, in his lead debate on the principles of the bill, said the same provides for the management, governance and administration of the scheme.

According to him, the National Student Financial Aid Scheme, upon its establishment, would grant interest-free loans and bursaries to eligible students at higher Institutions.

He added that it would also ensure the well-structured administration of such loans and bursaries and their recovery.

He recalled that the Nigeria Students Loan Board which was established in 1982 to help students finance undergraduate and graduate studies within and outside Nigeria, provided loans between 1972 and 1991 totalling N46 million to help students finance their education.

He disclosed that out of the sum, the Board faced the problem of recovering outstanding loans of over N40 million, which led to the suspension of the scheme in 1992.

He stated that the Students Loans Board was replaced in 1993 by the Nigerian Education Bank.

He explained that the Education Bank serves as a major intermediary in education credit market financing, and is designed to harness private sector resources for funding education.

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

The bill after consideration was referred by the Senate President, Ahmad Lawan, to the Committee on Tertiary Institutions and TETFUND for further input.

Meanwhile, a bill to establish the Federal University of Education (Technical) Bichi, also scaled second reading on Wednesday.

The bill was sponsored by Senator Jibrin Barau (APC, Kano North).

The bill after consideration was also referred by the Senate President to the Committee on Tertiary Institutions and TETFUND.

The Committee was given four weeks to report back to the Senate in plenary.

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Cold Zobo

UpTo a month now, This is the first time I've heard of good news in Nigeria.

At least a student will be able to bid for a loan and pay back within months ,this will take Nigeria forward.

a good development,but i'm too doubtfull if they will implement it

Am not trying to be pessimist or anything...
But it is common sense to also ask the people who are returning from a journey one is about to embark on why they chose to abandon that journey.

This student loan stuff had served as a means of imprisoning graduates in many nations who practice it. Some graduate practically work for "decades" and can't pay up their loan.
Imagine Nigeria where there are no jobs self.

I don't know much, but one thing I know is that politicians' kids wont be affected when sh*t begins to hit the ceiling.

He who has an ear, let him hear.

Education that not guarantee success in Nigeria again.

We know this is a big fat lie....

Politicians doesn't care about the affairs of the masses....

Them say them wan do financial aid
Make them tell ASUU to call off strike first

Fools

2023 scam

ASUU is still on strike
Resolve the strike first

Apc is a very wicked evil party
See how they want to get students votes

How can people be this heartless,

Makes sense for those that want to access the loan for oversee education, you can work abroad while studying then use the money to pay back the loan, since it's interest free loan, probably your certificate will be your collateral which your school will acknowledge.

In all I advice, a counter-part funding on your own part will help cushion the effects.
Something like 50:50, 60:40 or 70:30 ratio.

Nigerians will borrow then refuse to pay back the loan and the whole scheme will collapse as usual