FG eases access to student loan in new bill sent by President Tinubu to the National Assembly 👇

1. STUDENT LOAN FUNDING SOURCE

- 1% of all collectable revenue by the Federal Inland Revenue Service (FIRS) to fund the scheme.

2. STUDENT APPLICANTS CAN NO LONGER BE DISQUALIFIED BASED ON THEIR PARENT'S LOAN HISTORY

- The hurdles of a guarantor, a parent’s debt profile and others in the old Act have been removed in the new Bill, thereby making it easier for the loan to be accessed.

- It also removes the guarantor requirement so that students can apply for and receive loans subject to application and identity verification guidelines as provided by the Fund.

- Applicants to the Fund may apply for loans to cover tuition and other fees payable to the school and maintenance allowance payable to the student.

3. REMOVAL OF FAMILY INCOME THRESHOLD CONDITION

- On eligibility criteria for applicants, the new Bill removes the family income threshold to enable Nigerian students to apply for loans and accept responsibility for repayment according to the Fund’s guidelines.

4. LOAN REPAYMENT (FORGIVENESS IN CASE OF DEATH OF BENEFICIARY)

- On repayment of loans, the Bill indicates that beneficiaries of the Fund shall begin as soon as the beneficiary becomes employed in any capacity.

- According to the bill, the Fund shall not initiate loan recovery efforts until two years after the completion of the National Youth Service Corps (NYSC) programme

- A beneficiary may request an extension of enforcement action by the Fund by providing an affidavit indicating that he is not employed in any capacity and is not receiving any income.

- It makes provision for loan forgiveness in the event of death or acts of God causing inability to repay.

5. FALSE DECLARATION ATTRACTS 3 YEARS JAIL TERM

- It provides out that any person who provides a false statement to the Fund under the loan repayment section is guilty of a felony and is liable to imprisonment for three years.

6. ESTABLISHMENT OF THE NIGERIA EDUCATION LOAN FUND (NELFUND)

- The Bill Seeks to Establish the Nigerian Education Loan Fund as a Body Corporate to Receive, Manage and Invest Funds to Provide Loans to Nigerians for Higher Education, Vocational Training and Skills Acquisition and for Related Matters.

- Establishment of the Nigeria Education Loan Fund (NELFUND) as a body corporate that can sue and be sued in its name and has the power to acquire, hold, and dispose of movable and immovable property for the purpose of its functions.

- The Bill establishes a justice and fairness provision mandating the Board to ensure a minimum national spread of loans approved and disbursed in each financial year.

- NELFUND can legally enter contracts, including loan agreements and may also initiate action to ensure repayment by beneficiaries.

- It also empowers the Fund to provide loans to qualified Nigerians for tuition, fees, charges, and upkeep during their studies in approved tertiary education institutions and vocational and skills acquisition institutions in Nigeria.

Journalist KC.

This bill is sent to National Assembly again? To those rogues again?

I wan know how much is been padded into this Audio Loan........make we know

This student loan cannot divert attention from the fact our Senators and rep members are all ROGUES.......A pole of Streetlight cost 184million.

The handiwork of Akpabio, Tajudeen and Femi Gbajabiamila.

Only that Nigga called Ningi came out on a Clean sheet.....He was quickly Suspended. Even Betta Edu's suspension never came as quickly as that of Ningi because he opened their corrupt ugly black Yanshes to the viewing pleasure of the whole wide world.

It is hightime these rogues get taken unawares by rounding them up at the Plenary session and then light the whole place up. Its been done in Gambia and the style has helped them immensely.

Politicians are gulping billions from borehole, streetlight, rechargeable light projects, pikin wey never begin work go get outstanding loan.

This is impressive. If they pull this off they get an A in my book. That punishment part is very necessary, knowing our penchant to cut corners.

One bill at a time. Nigeria will gradually measure up to saner climes. Tinubu Eku ise.

I'm not a fan of emilokan but TINUBU DO THIS ONE.WELL DONE PBAT.

OK THAT GOOD

This was why it was delayed, to make it more seamless, practical and effective while some critics and the usual wailers were already knocking the Govt. E lo fokan bale!

Well let's see

I feel positive... Though Niger Nigeria system can't be trusted.... This people can tweek good intension to loot...

Noted

Not a bad one if fully implemented but more emphasis should be placed on the umemployed to drive up the economy asap.

Nice

bbv

Hmm issoright

Haters feel free to wail.


Any good news is fake news to them.

It's okay...
May it be successful and benefit the masses...

Awesome idea, I see a more progressive Nigeria soon.
I urge us all to see things with open mind and criticize more objectively.

Pecoleee345:
Haters feel free to wail.


Any good news is fake news to them.

Ontop wetin never start? Kai. Enemy of Nigeria take it easy

This is a welcome development if followed religiously.

GOFRONT:


This bill is sent to National Assembly again? To those rogues again?

I wan know how much is been padded into this Audio Loan........make we know

This student loan cannot divert attention from the fact our Senators and rep members are all ROGUES.......A pole of Streetlight cost 184million.

The handiwork of Akpabio, Tajudeen and Femi Gbajabiamila.

Only that Nigga called Ningi came out on a Clean sheet.....He was quickly Suspended. Even Betta Edu's suspension never came as quickly as that of Ningi because he opened their corrupt ugly black Yanshes to the viewing pleasure of the whole wide world.

It is hightime these rogues get taken unawares by rounding them up at the Plenary session and then light the whole place up. Its been done in Gambia and the style has helped them immensely.

Honestly, you are an Idiaat!!

This initiative is commendable

Are post gratuate students allowed to access the loan??

Nice one President Tinubu..



Roll this thing out asap!!!

This bill looks far better than the previous one. FIRS reportedly collected circa 12 trillion in 2023. 1% of that amount is just 120 billion. If every student applies for 500k loan(a conservative amount for both school fees and maintenance), it will cater for about 240k local students. I think that's a fair number.

They’ll nearly finish 4years no shishi
Then they’ll pay to bribe for next elections
The scam is too much

It will surprise you all that in 3 years time, the so called NELFUND will not yet be established.

What would happen when a student gets rusticated or withdrawn let's say in last years?