by Maxwell Uwaifo Esq
The Bill Is For An Act To Provide Easy Access To Higher Education For Nigerians Through Interest-Free Loans From Nigerian Education Bank Established With A View To Provide Education For All Nigerians And For Related Matters has been passed by the 9th National Assembly and the same has been sent to President Muhammadu Buhari for accent. The Bill Provide Easy Access To Higher Education For Nigerians Through Interest-Free Loans From Nigerian Education Bank Established With A View To Provide Education For All Nigerians And For Related Matters.
The Objective and Application of the Bill
The objective of the Bill shall apply to all matters pertaining to the application and grant of loans to Nigerians seeking Higher Education in institutions of higher learning in Nigeria through the Nigerian Education Bank.
All students seeking higher education in any public institution of higher learning in Nigeria shall have an equal right to access the loan under the Act without any discrimination arising from gender, religion, tribe, position or disability of any kind
The loan in the Act shall be granted to students only for the payment of tuition fees and the grant of the loan to any student under the Act shall be subject to the student satisfying the requirements and conditions set out under the Act.
The Act also created the Establishment of the Nigerian Education Bank, the Functions and Powers of the Bank shall be as follows;
How to be eligible for the student loan
Students applying for loans under the Act shall apply to the Chairman of the Bank through their respective institutions upon satisfaction of the following conditions:
A student is disqualified from accessing the loan if:
Process of application
All applications from every Institution must be submitted through the Students Affairs
Office of each Institution via a list of all qualified applicants from the institution accompanied by a cover letter signed by the Vice Chancellor, Rector or the head of the institution also the Students Affairs Officer and addressed to the chairman the Bank.
Each application as stated above must be accompanied by:
Payment of the Student loan
Processing of any applicant’s application and disbursement will be made within 30 days of the application reaching the Bank, the applications must be processed and sent to the Minister for approval within the said 30 days.
Repayment of the loan
Any beneficiary of the loan shall commence repayment two years after completion of the National Youth Service Corps programme. The repayment will be by direct deduction of 10% of the beneficiary’s salary at source by the employer and credited to the Students Loan Account to be prescribed by the Bank.
Where the beneficiary is self-employed, he shall remit 10% of his total profit Monthly to the Students loan account to be prescribed by the Bank
A self-employed person shall within sixty (60) days of assuming that status submit all information such as name or business, address and location, registration documents if registered, name of bankers, names of partners, name of directors and shareholders to the Commission
Anyone in default or found to be aiding the default of any of the provisions of the Act is guilty of an offence and if convicted shall be liable to imprisonment for two years or a fine of N500, 000 (Five I hundred Thousand Naira) or both.
CONCLUSION
The National Assembly, by passing the act, has dealt with part of the problems facing indigent members of society who can’t afford tuition fees in our higher institutions, however, the Act should not only focus on tuition fees but instead extend the same to other needs such as Housing, Meals, books, laptops and transportations in school.
The challenge, however, will be implemented. We are expectant that the Federation Government and other relevant stakeholders will work together to put in place mechanisms to ensure compliance with this Act so it may be seamless in Nigeria.
However, public enlightenment on the details of the said Act cannot be overemphasized and should be encouraged, especially on the benefit and gains, otherwise, the law will be like any other law that is only observed.
MAXWELL NOSAKHARE UWAIFO, ESQ.
LEX PHRONESIS SOLICITORS
21, AIRPORT ROAD, OOOM PLAZA,
WARRI,
Delta State
lexphronesissolicitors@gmail.com
07068840273
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer.
Source: Barristerng
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