NEWS
Things To Know About New Student Loan Act
In what could be considered a fulfilment of one of his electioneering promises, President Bola Tinubu, on Monday, 12th May, signed into law the student loan bill.
The bill provides financially disadvantaged Nigerian students access to interest-free loans during their education.
Sponsored by Femi Gbajabiamila, the former Speaker of the House of Representatives and the incoming chief of staff to the president, the bill is specifically for students in the universities, polytechnics, and colleges of education owned by the federal or state governments.
In November 2022, the National Assembly passed the bill, but for an unknown reason, the former President Muhammadu Buhari did not sign it into law.
While many have applauded the idea, others have expressed doubts about the efficacy of the bill in solving the problems in the country’s education sector.
Lecturers have condemned certain provisions of the new law, some saying the loan repayment mode is not feasible.
In any case, the new law is now expected to be a factor in the education system of the country. However, many are still not sure of its application, how to access the loan, the repayment methods and other guidelines.
Here are key things to know about the controversial bill:
1. It provides for the establishment of the Nigerian Education Bank, a financial institution specifically designed to grant loans to indigent students and recover them at a zero-interest rate.
The bank, according to the provisions of the bill, will source its funds from education bonds, education endowment funds, and steady one percent of national tax derivations from the Federal Inland Revenue Services (FIRS), the Nigerian Immigration Service and the Nigerian Customs Service (NCS).
Another funding source is one percent of the profit accruing from oil and minerals.
The regulatory institution will monitor the academic progression of the loan beneficiary, according to the provisions of the bill.
Not limited to this, for the purpose of ensuring repayment of a loan, the bank will monitor the beneficiary’s progression into the labour market.
2. Repayment of loans starts two years upon the completion of the beneficiary’s National Youth Service (NYSC). It will be through a direct deduction of 10 percent from the beneficiary’s salary, the bill states.
3. The bill provides that a professor and retired vice chancellor, over many other governing board members, would chair the education bank.
4. Part of the conditions and requirements the bill set out is that the loan can only be for the payment of tuition. Willing students would send a loan application to the bank through their respective institutions, but no application will be deemed successful without meeting the conditions highlighted in the bill.
One of the conditions is that an applicant must be from a family whose per annum income is less than N500,000. In addition to this, such applicant must be able to provide two guarantors.
5. The bill also gives grounds for the forfeiture of a student’s chance of being considered for the loan.
Students who have previously defaulted in the repayment of the loan or have been found guilty of examination malpractice by any school would be turned down.
The bill also exempts ex-drug convicts from accessing the loan, same with anyone convicted for felony, dishonesty and other related offences.
It also excludes any applicant whose parents have defaulted in the repayment of any loan. The bill stipulates a fine of N500,000, two-year imprisonment or both for any defaulter upon conviction.
On Wednesday, the federal government, through Andrew David Adejo, the Ministry of Education’s permanent secretary, said the loan facility would commence in September/October 2023.
“The president has also directed that by September to October 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 figure out the process for people to get the loan,” Adejo told journalists in Abuja on Wednesday.
In a daring move, geared towards addressing prevalent security challenges, Edo State Governor, Senator Monday Okpebholo, summoned a security meeting in Iyamho, Etsako West Local Government Area.
It was gathered that notable attendees at the meeting, on Monday, were prominent political, religious, and traditional leaders, heads of security agencies in the state, and other key stakeholders.
They converged to brainstorm on how to address the peculiar security challenges in Edo North, where security breaches have become almost routine.
Gov Okpebholo, after the meeting held behind closed doors, assured that under his watch, criminal elements will not succeed in distabilizing Edo State.
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He vowed to deal with them decisively and make the state inhabitable for their activities.
Speaker Edo State House of Assembly (EDHA), Rt. Hon Blessing Agbebaku; former governor of Edo State and Senator representing Edo North Senatorial District, Comrade Adams Oshiomhole; Minister for Regional Development, Abubakar Momoh; former deputy governors of Edo State, Peter Obadan and Philip Shaibu, were at the meeting.
Others were the former Chief of Staff to the President, Chief Mike Ogiadomeh; former Minister for State Budget, Clem Agba; traditional and religious leaders, security chiefs, and other stakeholders in the security sector.
Gov Okepbholo said the security stakeholders’ meeting became necessary to ensure peace and security are maintained across the state, particularly in Edo North.
He noted that political, religious, and traditional leaders attended the meeting, where they all discussed the security challenges facing the people and came up with possible solutions.
Gov Okpebholo pointed out that Edo people should expect a better security situation in the state, as all the deliberations will be properly utilized.
“We came here for a peaceful discussion regarding security, and all our leaders are here, both traditional and religious leaders. The closed door meeting was successful as we had a good deliberation, and discussions were fruitful. We had a perfect discussion. Let us watch it from here. Things will be perfect in our land,” he stated.
Comrade Oshiomhole, after the meeting, commended Gov Okpebholo for his approach to handling security issues in the State.
He appreciated him for the security meeting and assured Edo people that the Gov Okpebholo-led administration will make Edo State safe for all to live and do business.
“Edo State Governor, Senator Monday Okpebholo has come to Edo North to discuss with the people what he has been doing and what he will do in terms of security of lives and property in Edo State.
“The meeting lasted for three hours, and it enabled the Governor to listen to comments from stakeholders and all those present. The Governor gave us the assurance that he will continue to ensure Edo is safe for us all,” he said.
Comrade Oshiomhole said Gov Okpebholo has provided vehicles and motor bikes for the police and other security agencies.
“The Governor recognized that the local people have their own role to play. We have discussed how the community will work with security agencies and forward any information they have to the Governor through available channels.
“The Governor came to meet us and to hear us out. This is the first time a Governor is doing this. I do not think during my time as a governor, I came for security meetings like we have done today.
“The people have expressed their confidence in the Governor. They have reaffirmed their loyalty and commitment to work together with the security agencies so that Afenmai land will be safe,” he added.
Bishop of Catholic Diocese of Auchi, Bishop Gabriel Dunia, appreciated all who came for the stakeholders’ meeting and urged them to collaborate to ensure peace in Edo State.
“We are very much appreciative of our Governor and all the traditional rulers who have come for us all to deliberate on the security of our people and our land. People have spoken their minds on the way forward, and we will work with it to ensure our land knows peace,” he stated.
A traditional ruler from Edo North, His Royal Highness (HRH), Mallam Ali Suleiman, said the security meeting has given stakeholders confidence, while traditional rulers have resolved to collaborate with security agencies and stakeholders to ensure peace in Edo State.
“Today, we are experiencing a landmark event in response to security issues agitating our minds. The Governor came here by himself, not delegating anyone to handle the meeting.
“We have been very worried about the development. The Governor came here himself and also the Minister for Regional Development, Abubakar Momoh and this has given us confidence and we the traditional rulers have resolved to work with security agencies and all stakeholders to ensure the State is safe for us all.”
The Vatican has disclosed that Pope Francis died of a stroke, which caused a coma and irreversible heart failure, according to his official death certificate released on Monday.
The 88-year-old pontiff passed away on Monday morning, nearly a month after being discharged from hospital following treatment for double pneumonia.
In the statement released by the Holy See Press Office, the cause of death was identified as “a stroke, followed by coma and irreversible cardiocirculatory collapse.”
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The certification was issued by Dr. Andrea Arcangeli, Director of the Directorate of Health and Hygiene of the Vatican City State.
The medical report also detailed the Pope’s history of health challenges, including “acute respiratory failure caused by multimicrobial bilateral pneumonia, multiple bronchiectases, high blood pressure, and Type II diabetes.”
His death was confirmed through electrocardiographic thanatography.
“I hereby declare,” wrote Dr. Arcangeli, “that the causes of death, to the best of my knowledge and judgment, are as stated above.”
Pope Francis, born Jorge Mario Bergoglio, became the 266th leader of the Roman Catholic Church in 2013 and was widely recognized for his efforts to modernize Church doctrine and promote global social justice.
Edo State Governor, Senator Monday Okpebholo, has presented a comprehensive account of his achievements in office so far to his kinsmen at Udomi, Irrua, in Esan Central Local Government Area.
He made his efforts at a grand victory reception at the Udomi Primary School compound to celebrate his electoral success and victory at the tribunal.
Gov Okpebholo highlighted the strides made by his administration in less than six months and reaffirmed commitment to developmental policies and people-centered governance, pledging to continue working for the progress and prosperity of Edo State.
The Governor emphasized that he would lead with the fear of God, uphold transparency, and ensure prudent management of State resources for the collective good of the people.
Gov Okpebholo disclosed that his administration had extended electricity supply to the Udomi-Uwessan community to stimulate economic activities and foster commercial and industrial growth in the area.
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In his words, “We have commenced the development of Edo State. Our initiatives span across Edo South, Central, and North. In Esan land, we have awarded multiple road contracts to open up the region and drive economic growth.”
He also noted the installation of transformers to enhance electricity supply and boost local productivity, adding that communities such as Uwessan, Unewa, and Uromi are benefitting from extensive road construction projects aimed at improving transportation, easing the movement of goods and people, and reducing travel time.
Highlighting his administration’s efforts in education, the Governor said, “We are building new classroom blocks, renovating existing ones, and securing school premises with perimeter fencing to ensure a safe, conducive, and affordable learning environment.”
Gov Okpebholo assured that his administration would remain focused on key development areas, including road infrastructure, education, employment creation, and youth empowerment.
“By God’s grace, Edo State will witness a transformation, and the milestones we have recorded are a testament to our performance,” he added.
He expressed deep appreciation to his kinsmen for their unwavering support, stating, “My performance is rooted in the love and encouragement I receive from my people. Now more than ever, we need your prayers—they are vital to the journey ahead.”
He concluded with a strong declaration of purpose, thus, “We are blessed to have this opportunity to serve. The power we hold will be used for the benefit of Edo people. The freedom we long desired is already here with us.”
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