This was announced by the spokesperson to the Federal Government Mister Dele Alake, on Monday.
Alake said that the funds will be domiciled in the Ministry of Education and will only be accessed by indigent students of tertiary institutions.
He noted that the student loan bill sponsored by Femi Gbajabiamila, the Speaker of the 9th House of Representatives, adding that it provides for interest-free loans to indigent Nigerian students, passed the third reading at the House, two weeks ago.
The law is to provide easy access to higher education for indigent Nigerians through interest-free loans from the Nigerian Education Loan Fund.
He noted that the student loan bill sponsored by Femi Gbajabiamila, the Speaker of the 9th House of Representatives, adding that it provides for interest-free loans to indigent Nigerian students, passed the third reading at the House, two weeks ago.
The law is to provide easy access to higher education for indigent Nigerians through interest-free loans from the Nigerian Education Loan Fund.
from voiceofnaija.ng
Nice one
ReplyDeleteCongratulations
ReplyDeleteBaba is working in the first year, wait for a change soon.
Not his fan and never will but I admire this man and the kind of steps he is taking he will be a force to reckon. This is a great initiative my problem is the greedy and selfish politicians who will jump into this scheme...Nigerian politicians deserve to be in Dante's tormented circle of Avarice & Greed..
DeleteAs you think in your heart, so will you be. Your pessimism will only work against you. Those expecting more solutions will get them.
DeleteI don't know or should I say I don't just get it that a country so huge as Nigeria with acclaimed professors, intelligentsia and all great academicians will allow mediocre and people with questionable characters and behavioral attitude to always govern and rule them, thereby calling the shot.
ReplyDeleteHow would you have signed a student free interest loan when the percentage of unemployment is so alarming and over 50%? Not as if after graduation there is a job in sight. So how then do you expect the repayment process to be from the over millions of jobless youths and graduates?
Another fraud mechanism.
Is it the same Nigerians that dodges Pampay, Opay and all online App when they borrow money from them will be able to repay these loan that has a two years jail term or a fine of 500,000 on a defaulter?.
Do you even see the criteria before obtaining the loan?
Do these people think through before embarking on a journey or is this another ponzi scheme to embezzle money after removing subsidy? So where will the government get the fund from? Do these people think we're all fools or don't know a thing or what. ASUU has even kicked against it.
Why the rush trying to impress Nigerians barely two weeks in office without thinking properly? Or is there something I'm missing here.
Always putting the cart before the horse. Why not job creation before the loan scheme? Is it not when one is employed after graduation he can be able to repay a loan?
Zip it please
DeleteLol...
DeleteDem go park Una put for army, na there Una go repay the loan..
Na the scope wey from go use recruit the 5 million youth be that..
Dem go turn citizens to slave..
@Dante 😂
DeleteWhy do you always condemn everything Teejay? Please embrace a positive spirit. I never supported Tinubu but even the blind can see the man is working. Please put a cork in it sometimes
DeleteAlways complaining even when the move is a positive one.nothing is ever good in ur eyes.Sir U re becoming too toxic nowadays.
DeleteI really nor too sabi politics sha but is it not small small they used to do something? Abi it's until all the graduates have jobs in this life before other poor people can go to school?
DeleteWo! Na weti make I dey like talk only movies and food o... Politics dey give headache
Nigerians no dey take ear hear loan. The loan is not for poor people going by the terms and conditions. Where is the job to repay the loan, create enabling environment first, no
DeleteTeejay this bill was drafted when Gbaja was speaker of the house and Tinubu is just signing it into law. However I believe more scrutiny and consultation with major educational stakeholders should have done before finally passing into law. In reality, it is a good initiative but Nigeria and her avarice stricken politician will hijack this thing is my major fear
DeleteBoss Dante,
Delete😂😂😂😂😂
You know rightly that this is a flawed system and initiative done without proper thinking and reasoning.
In overseas this will work because students while schooling are also working part time. So repayment doesn't pose any difficult to them.
Do you have that arrangement here in the country schooling and working? Absolutely NO. Is there even work after schooling? These are the fundamental things to look out but of course you know, when you stole a thing that wasn't bestowed on you, definitely you will always goof in actions.
Another white elephant project.
Fidel,
DeleteWhat people are saying is that, the percentage of unemployment doesn't support a thing like this at the moment. Be sincere to yourself, can you obtain loan if you're not working or sure of getting a job any time soon? We shouldn't sugarcoat truth when we see one.
Go and check Nigerian unemployment rate and percentage and then come back to this post.
I don't just condemn or criticize a thing, I give reason(s) for doing so. Do we applaud a thing or initiative because they are good when it's badly done? Anything worth doing is worth doing well.
1. Why is he in a rush signing the bill passed by the previous adminstration in just two weeks in office?. Did he actually go through it very well and check the possibility of it succeeding?
2. Where will the fund come from? Is it budgeted.
3. Who are the sponsors and what will be the profit of the sponsors or government or you guys really fell for the 'free interest' scam it was called.
4. Just like I said above, this scheme will fail woefully because the educational system here doesn't support working and schooling that's obtainable in other civilized countries. So what happened after education you couldn't secure a job and repay the loan?
5. With the criteria I saw, this loan if at all is legit, wasn't even designed for the poor and common man in the society. Believe me, the politicians and their cronies will be the beneficiaries of this.
Save this comment and we will revisit it in future.
Bia Teejay, have you lived overseas before to know if everyone that gets a student loan works while studying? Have you left the shores of Nigeria before?
DeleteIf you can't make things better, don't rubbish the efforts of those trying to do so. I hope you don't into trouble one day for your negative aspersions that you spew daily.
We need to work collectively to make Nigeria better. If you don't believe in this country , please you are free to leave. White elephant project indeed! Which one have you managed before.
Anon 10:39,
DeleteI don't work with people who stole mandate even if they build castles on air.
There's no honour among thieves.
@ 8:21 you must be an idiot to tell TJ to zip it.
DeleteHe reasoned properly! Why not create jobs! Instead of rubbish students loans! Where will the students they churn out work! Stella please stop 🛑 enabling nonsense on your blog! Is too low.
😂😂😂😂😂@Dante
Delete@Teejay, work to school isn’t the only component of financial aid otherwise called student loan. I haven’t read the details of the one Mr Tinubu is proposing but here you apply and it’s often paid directly to the school. Even 529 savings for your children’s college is paid to the school though it’s your savings. They won’t give you for any reason. Google Sallie Mae, the federal institution in charge of student loans and it’s only a proportion that is federally guaranteed based on the income of parents. Mine didn’t qualify for financial aid because of income but the rich families here have $trillions of scholarships and endowments in almost all colleges (uni) that help reduce cost of schooling instead of the shallow flaunting that many money miss roads do in Nigeria. It takes off a few thousands for those of us whose kids didn’t qualify for Pell grant & free rides despite their excellent academic performance. So they get some scholarships which may just cover 5% or 10% etc. Pell grant,(federal), parents plus and other private ways of financing kids education are all available depending on your income and other criteria. Pell Grant is federal and like any government based program in the US it’s designed to help the low income not like Nigeria where it’s the rich that are on welfare with free houses, cars security etc.
DeleteUS senators/Reps have no official cars or house but the looters who call themselves political leaders in Nigeria are all on welfare. Like parasites. Welfare they don’t need. Let’s see if one of them can be the one to dislodge these entrenched parasitic forces and hep those who need it.
The sad thing is that many of the looters of the treasury of Nigeria lie here and compete for these scholarships with those who truly need it. I know the kids of a presidential primary aspirant (who bought a form for that huge amount to contest) but went to Ivy League pretending they were low income because IRS has no access to income data in Nigeria!
Tj let them get the education first
DeleteIf people are wise, they will study things that are in high demand in other countries and find their way out
Don’t collect loan to study history oh.be wise
Anon 12:03,
DeleteThanks for you input. I love rejoinders like yours. At least I picked up and learned a thing or two in it.
Anon 11:34,
I know the unfortunate being who went anonymous to type that shit. The reason I didn't bother responding. I will keep avoiding.
Anon 12:22,
As in abscond after learning without paying the loan? No I won't encourage a thing as such. A good name is better than all the riches you can ever imagine or think of.
TJ please stop spamming this thread with your myopic views. Your postulations about this man has failed every step of the way. Obi will lose in court because no one stole anything from him, a better prepared candidate won though the odds were stacked against him.
DeleteRead the bill before you criticize, as with all things new there will be amendments made as needed. Stop being a kill or spoil joy, it diminishes respect people may have, now you will be seen as the unnecessarily biased person that you are and people are less likely to take your other views seriously, even if they were properly thought out.
"Be calming down small, small."
Please sir, create jobs for graduate.
ReplyDeleteEducation should empower. There is no government in the world that creates jobs for graduates. Your reward for going to school is that paper they gave you on graduation day. It is then left to you to apply the knowledge obtained over decades of study and life experience to create a living for yourself. Dele Momodu studied Yoruba yet, positioned himself as a publishing magnate after leaving his job as a newspaper writer during the years of prosecution. Adedoyin, Okoya and others, set up factories after trading despite limited educational experience. Apply your education to the many challenges in Nigeria and people will pay you for closing gaps. The best a government can do is adjust regulations and policy to encourage investment and influx of capital which this government in it's two weeks has been active in doing.
DeleteGovernment HAS to create policies, put infrastructures in place & create an enabling environment so the private sector, especially manufacturing and service sectors can thrive. He needs to look at steel & petrochemical industry privatization, like power generation. No society grows by importing EVERYTHING & with petrochemical, the backbone of organic chemistry, will come a lot of manufacturing from plastic products to so many imports that consume forex.
DeleteWith a functioning steel mill we won’t depend on China dumping every junk we can produce at our doorsteps while creating jobs for their own folks. Our own college (uni) grads will actually have middle class jobs. By the time kids are in their junior year (3rd year) of college here, many already have multiple job offers to choose from so they start deducting the student loans from their salary.
I agree the deregulation of power generation not just distribution is a step in the right direction. If Nigeria can solve its infrastructure, especially power and security issues, global corporations some of who left in the early 80s will return in larger numbers and create jobs. Government policies do have a significant role in this. MKO Abiola helped Dele Momodu as his mentor, he moved up to the position of editor in the defunct concord newspapers but from then on he made it the same way a lot of rich Nigerians have survived, cronyism and a*s licking, pandering to the looting class through ovation, to get contracts.
That’s not pure entrepreneurship.
It doesn’t work by a*s licking and Elon, Gates, Sergei Brinn, Oprah Zuckerberg etc did not emerge by having a godfather but enabling environment for their ideas to thrive. It always begins with good governance, good policies that address corruption from top down and population control policies with an independent legislative & judiciary arm accessible to their constituents.
The private sector provides most jobs but they need good government to provide infrastructure and an enabling environment as nobody wants employees kidnapped while paying 30-50% of operating costs on fuel or diesel. The student loan availability if implemented & monitored properly is a step in the right direction but kids need jobs to pay back the loan as it’s a revolving scheme in the US. If they don’t pay back the funds it will be unsustainable. I wasn’t a supporter of Tinubu but he is showing signs of someone that has lived & schooled in the US & worked in corporate America which is a good thing if he doesn’t get blindsided by the corruption rooted in Nigeria at all levels.
A cheat will always be a cheat
ReplyDeleteAbsolutely!!!!
DeleteNice one ke? Until you default and you are jailed. How many graduates in Nigeria get a good job two years after graduating? Or is it during Nysc you start paying back? Abeg abeg. Nothing concern me sha. I don leave una country for una.
ReplyDeleteWhere did you people see jail there
DeleteSome of us have seen all there is in the loan manual.
DeleteAlot dropped out of school because of lack of funds , so I guess with these the rate of dropouts will reduce .But the question is how are they going to pay back when there are no enough job opportunities?
ReplyDeleteNo, they're not thinking that direction that there's no job. You know when Nigerians wants to borrow money or see loan, their brain stops functioning. All they want at the moment is to get it even if there is no repayment plan in mind.
DeleteIt may be hard to pay back but not getting a chance to go is tougher
DeleteHave you seen the criteria to qualify, how many people seeking genuinely to attain education has access to those criteria?
DeleteAnother avenue for corruption. Money will disappear to Fictitious students.
ReplyDeleteBaba is working, keep it up, we're watching you and please try to create jobs for the youths.
ReplyDelete