Watson
Moderator
This is one important law the NIGERIA Government has signed in the past decades, of which thousands to millions of Nigeria students stand to benefit
With just two weeks in office @#OfficaiAbat President Tinubu has done what APC leads government under former president Buhari lead administration failed to do in 8 years
With a good start, our prayer is with Nigeria, irrespective of who is in charge as President. Our pray is for Nigeria to succeed so other African countries who look up to them can as well follow the steps to making Africa a great continent
So I was pleased to have read that Bola Tinubu the 16th and current president of Nigeria, who assumed office on 29 May 2023 has signed into law, the Access to Higher Education Act. Which provides interest-free loans to deserving students across the West African country (Nigeria). And to those who wish to further their education in tertiary institutions.
With this Act, the government of Nigeria will ensure that every deserving student has access to affordable and quality education, irrespective of their financial background, tribe, religion, or state, the loan is available for all Nigerian students
The amount will also differ from Technical Courses to Medical, Educational, and Management, etc as some courses under the umbrella of medical, science, and technical will require more funding than Non-technical and medical
1. Have secured admission into any Tertiary Institution (Federal or State Universities, Polytechnics, Colleges of Education, or any other Tertiary Institutions)
2. Come from a family with an annual income of less than N500,000 Nigeria currency
3. Provide at least 2 guarantors (Civil Servant above Level 12 or a Lawyer with at least 10 years post-call experience)
1. If the applicant has defaulted on any loan before ( so is important before you apply as a student to go to your banks and check your credit history)
2. They have proven cases of exam malpractice, as such students stand no chance of getting the Nigeria student loan
3. Should they have ever been convicted of any offense of dishonesty, involve in scam, fraud of any kind
4. Should they have ever been convicted of drug abuse or drug offenses
5. Their parents defaulted on any loan before ( so before you apply kindly ask your parents to also check their credit history) which can be done in banks
1. Education Bonds
2. All interests arising from deposits of the bank
3. Education endowment fund schemes
4. 1% of taxes, levels, and duties to the Federal Government through FIRS, NIS, and Customs.
5. 1% of profits from Oil and Other Natural Resources.
6. Grants, Gifts, and any other endowments.
By the signing of the bill this month of June 2023 by President Tinubu, legally all profits and taxes due to the fund under the bill have started counting and will be remitted to the education bank
Payments will be 10% direct deductions from the beneficiaries' salary account if employed. If for example, you are working with Nigeria Nig Limited (Note real company) and your salary is N100,000 thousand naira. Then Nigeria Nigeria Limited will be deducting N10,000 from your account and will be remitting the same on your behalf to the Education Bank being repayment for your loan.
While self-employed graduates who benefit from the Nigeria Student load will have only 60 days to document their income statement for deductions. They will also remit 10% of their monthly profits or face a penalty.
NOTE: The bill did not provide an assumption of not getting a job or self-employment after 2 years of NYSC, knowing too well that Nigeria remain the number one most unemployed country in the world. Nigeria still has graduates of 5-10 years without jobs roaming the street
With just two weeks in office @#OfficaiAbat President Tinubu has done what APC leads government under former president Buhari lead administration failed to do in 8 years
With a good start, our prayer is with Nigeria, irrespective of who is in charge as President. Our pray is for Nigeria to succeed so other African countries who look up to them can as well follow the steps to making Africa a great continent
So I was pleased to have read that Bola Tinubu the 16th and current president of Nigeria, who assumed office on 29 May 2023 has signed into law, the Access to Higher Education Act. Which provides interest-free loans to deserving students across the West African country (Nigeria). And to those who wish to further their education in tertiary institutions.
With this Act, the government of Nigeria will ensure that every deserving student has access to affordable and quality education, irrespective of their financial background, tribe, religion, or state, the loan is available for all Nigerian students
Below Are The Breakdown Of The Student Loan
The loan can only be accessed to pay school fees, accommodation, textbooks, research work, education materials, or any other purpose that's justified by the institutions of learning. Though the amount to be given will differ from student to student and department to department, as well institution to institution across the nation (Nigeria)The amount will also differ from Technical Courses to Medical, Educational, and Management, etc as some courses under the umbrella of medical, science, and technical will require more funding than Non-technical and medical
To Be ELIGIBILITY
Students applying for the Nigeria Students loan must have the following1. Have secured admission into any Tertiary Institution (Federal or State Universities, Polytechnics, Colleges of Education, or any other Tertiary Institutions)
2. Come from a family with an annual income of less than N500,000 Nigeria currency
3. Provide at least 2 guarantors (Civil Servant above Level 12 or a Lawyer with at least 10 years post-call experience)
DISQUALIFICATION
Students are disqualified from applying if;1. If the applicant has defaulted on any loan before ( so is important before you apply as a student to go to your banks and check your credit history)
2. They have proven cases of exam malpractice, as such students stand no chance of getting the Nigeria student loan
3. Should they have ever been convicted of any offense of dishonesty, involve in scam, fraud of any kind
4. Should they have ever been convicted of drug abuse or drug offenses
5. Their parents defaulted on any loan before ( so before you apply kindly ask your parents to also check their credit history) which can be done in banks
HERE ARE METHOD OF APPLICATION FOR THE Nigeria Students Loan
Take note that all applications will be submitted to the Students Affairs Offices of the respective institutions alongside relevant documents and qualified applications will be forwarded officially by the institution to the Chairman of the Education Bank in their territory.EDUCATION BANK: What You Need To Know
The Student Loan Bill will also establish an Education Bank to facilitate the mobilization of funds to provide student loans and also ensure a constant supply of loans to Nigerians for better Tertiary Education in Nigeria. The Bank will start with a share capital of N1 billion at N1/share with Nigeria Federal Government holding 100% of the sharesThe Nigeria Student Loan, How Funds Are SOURCE FOR THE BANK
The bill also establishes a Fund called "Students Loan Fund" which will serve as a fund in the bank to be accessible to students. All monies or any contributions to the fund will be managed by the education bank. The fund will get supply from the following sources.1. Education Bonds
2. All interests arising from deposits of the bank
3. Education endowment fund schemes
4. 1% of taxes, levels, and duties to the Federal Government through FIRS, NIS, and Customs.
5. 1% of profits from Oil and Other Natural Resources.
6. Grants, Gifts, and any other endowments.
By the signing of the bill this month of June 2023 by President Tinubu, legally all profits and taxes due to the fund under the bill have started counting and will be remitted to the education bank
The Nigeria Student Loan DISBURSEMENT AND REPAYMENT
The Loan application will be forwarded to the Minister of Education for approval within 30 days of submission to the Bank. And disbursement will be made immediately after Minister's approval. The loan repayment will start 2 years after NYSC, it did not start if the beneficiary is employed or non-employed, but the repayment process will start after 2 years of the NYSC ProgramPayments will be 10% direct deductions from the beneficiaries' salary account if employed. If for example, you are working with Nigeria Nig Limited (Note real company) and your salary is N100,000 thousand naira. Then Nigeria Nigeria Limited will be deducting N10,000 from your account and will be remitting the same on your behalf to the Education Bank being repayment for your loan.
While self-employed graduates who benefit from the Nigeria Student load will have only 60 days to document their income statement for deductions. They will also remit 10% of their monthly profits or face a penalty.
NOTE: The bill did not provide an assumption of not getting a job or self-employment after 2 years of NYSC, knowing too well that Nigeria remain the number one most unemployed country in the world. Nigeria still has graduates of 5-10 years without jobs roaming the street