On Wednesday, both chambers of the National Assembly (including the Senate House and the House of Representatives) passed a significant student bill relating to the provision of funds to students in tertiary institutions.
Why it matters
The student loan bill, if signed into law, would enable students in tertiary institutions of learning to gain more access to financial assistance for educational purposes.
- The bill seeks the establishment of the Nigerian Education Bank, which would provide interest-free loans to students. And also serve regulatory purposes such as supervising, coordinating, administering, and monitoring the management of student loans in Nigeria.
- Students in Nigeria could also receive applications for student loans through their higher institutions.
What happens next?
In Nigeria, bills go through first reading, second reading, public hearing, consideration of reports, third reading and then moves to the other house. If it originated at the senate, it then goes to reps for the entire process again and vice versa.
- Reports say that following the Senate’s concurrence on the bill; a clean copy would be produced and transmitted to President Muhammadu Buhari for assent.
Many countries around the world, including Canada, Australia, France, United Kingdom, Germany, United States and many others, have a well-planned structure for student loans, repayment process and more. This encourages students across the different classes of society to participate in learning the educational system provides.