The House of Representatives Ad-hoc Committee on Student Loans and Access to Higher Education, the National Universities Commission (NUC), the Central Bank of Nigeria (CBN), student representatives, and other stakeholders are currently in an urgent meeting to discuss the student loan program.
According to Gistlover, the student loan scheme is a federal government scheme that President Bola Ahmed Tinubu signed into law months ago.
The present leadership approved the loan bill into law in order to grant soft loans to students enrolled in postsecondary schools.
Terser Ugbor, chairman of the committee, said in his opening remarks at meeting which held in Abuja today that they gathered the Legislative Summit on Students Loans to obtain further details from stakeholders in the education sector and other appropriate bodies on the most effective approach and method for enacting the Students Loans Scheme in Nigeria.
He also stated that the committee would send its report to the House for legislative action on the recommended Student Loans Act modifications.
“For emphasis, students loan is an important aspect of modern education financing around the world. It creates access to education for students who would otherwise be unable to afford higher education or unable to study professional courses needed for our scientific development, industrialization, technological advancement and economic growth.
“For students loans schemes to be successful, they must be easy to access, easy to repay and supported by flexible exit plans so as not to overburden our young citizens and stifle their development after graduation,” Ugbor said.
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