The federal government has said that the student loan scheme will begin by September, OduNews reports.
David Adejo, permanent secretary at the federal ministry of education, announced the development while answering questions from journalists in Abuja, on Wednesday.
President Bola Tinubu had on Monday signed the bill to give students access to interest-free loans.
The Students Loan Bill, sponsored by the Speaker of the 9th House of Representatives, Femi Gbajabiamila, provides for interest-free loans to indigent Nigerian students.
The law is to provide easy access to higher education for indigent Nigerians through interest-free loans from the Nigerian Education Loan Fund, the Permanent Secretary said.
Adejo said “The bill is to make sure that every Nigerian has access to higher education through what we called the Higher Education Nigerian Bank.
“Learning from past mistakes, the bank is not going to be the type that will sit down and be collecting application loans, it will also perform normal banking functions and make sure loans are given because we had cases of loan recovery in the past.
“The Act as it is tells us the process, but as I speak with you today, the president has approved the committee made up of the Ministries and agencies and their meeting will be coming up 20th of June.
“The president has also directed that by September to October of this 2023/2024 academic session, he wants to see recipients of these loans. So it is a very serious march for us so between now and then we have to phantom the process for people to get the loan,” he added.
The Permanent Secretary further said the government will create a specialised bank for the operation of the loans, noting that there will be a tracking system for the efficient running of the loans scheme.
He also said it will cover both students in private and public schools, adding that the government will create a new bank for it.
“We are not going to use existing banks. We are going to create a new bank that will address this because we can’t use an existing bank.
“We don’t want to make it that only people who want to go to public schools will benefit from, private schools are paying tuition so you have to give them the opportunity
