The Students Loan Bill, passed by the National Assembly, aims to address funding challenges in Nigeria's tertiary institutions of learning. The bill, sponsored by House of Representatives Speaker Femi Gbajabiamila, seeks to establish the Nigerian Education Bank to administer, coordinate, supervise, and monitor student loan management. The bank will receive applications from higher institutions and screen them to ensure compliance. It will also approve and disburse to qualified applicants and monitor academic records to ensure repayment. The bill ensures equal access to higher education without discrimination based on gender, religion, tribe, position, or disability.
Repayment plans include direct deduction of 10% of beneficiaries' salary at source and credited to the students' loan account. Self-employed individuals must submit information within 60 days of assuming their status. If found guilty, they face imprisonment for two years or a fine of N500,000 or both.
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