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.
NEWS
Christmas: Shettima Assures Of FG’s Commitment To Citizens’ Welfare
Nigeria’s Vice President, Kashim Shettima has assured Nigerians of the federal government’s dedication to national security, economic transformation, and welfare of the citizens.
This was detailed in a Christmas message on Wednesday afternoon in Abuja under the signature of the Senior Special Assistant to The President on Media & Communications (Office of The Vice President), Stanley Nkwocha.
According to the Vice President, the administration of President Bola Ahmed Tinubu remains unwavering in its focus on these critical areas, as the country looks forward to the dawn of a new year.
ALSO READ: Tinubu Sends Hearty Christmas Greetings To Christians Worldwide
He said, “In these times of economic transformation, I want to assure you that the President Bola Ahmed Tinubu administration remains steadfast in its commitment to improving the lives of all Nigerians.”
Vice President Shettima particularly urged the citizens to imbibe the virtues of national unity during the yuletide season.
“Nigeria’s diversity remains our greatest strength. Let us avail ourselves of the time provided by the holiday season to strengthen the bonds of brotherhood that unite us across all faiths and regions,” he said.
Senator Shettima assured Nigerians of the continued vigilance of the nation’s security forces, noting that “our brave security personnel will continue to work round the clock during this festive period to keep us safe.”
He said enhanced security measures have been put in place to protect the citizens during the holiday period.
“The relevant agencies have been mobilized to ensure your safety and comfort on all major routes,” he stated, urging travelers to remain vigilant.
VP Shettima expressed optimism about the nation’s trajectory in the coming year, saying, “I am filled with hope and optimism about Nigeria’s future. Together, we will build a more prosperous and united nation.
“To our young people, you are the backbone of our nation. The Renewed Hope administration is implementing various initiatives to create opportunities for you to thrive and contribute to Nigeria’s development,” he added.
NEWS
Yuletide: Adeleke Rejoices With Christians
Osun State Governor, Senator Ademola Adeleke has felicitated Christians in Osun State and beyond on the occasion of the 2024 Christmas celebration, urging them to follow Jesus Christ’s example of compassion and tolerance.
Biztellers reports that Gov Adeleke described the birth of Jesus Christ as a defining moment for mankind, in a statement in Osogbo on Tuesday.
He described the festive season as a solemn reminder of the power of love and how it can save humanity.
ALSO READ: Archbishop Martins Champions Clamour For Better Life For Nigerians
While recognising unity and togetherness as an important message that Jesus Christ’s life resonates, Gov Adeleke charged Osun people, particularly Christians, to draw from the spiritual import of the celebration by sharing love and fostering harmony in communities.
In his words, “I extend my warm wishes to Christian faithful in Osun state and beyond as we mark this year’s Christmas. The birth of Jesus Christ is a manifestation of the power of love and remind us of the essence of compassion,” the Governor noted in his message.
“In the mood of celebration, I urge us to take a moment to reflect on the message of renewal that the birth of Jesus Christ signifies, promoting activities that will unite not divide, build not destroy, and bring peace not conflict.
“It is also my sincere appeal that we extend hands of kindness to the needy and the weak in the society, spreading love and generosity beyond borders. That is the essence of Christmas and it is most essential that at a time like this, no one is left to their fate.”
NEWS
Archbishop Martins Champions Clamour For Better Life For Nigerians
Archbishop Alfred Adewale Martins, of the Catholic Archdiocese of Lagos, has enjoined all Nigerian leaders to be more sensitive to the yearnings of the people for a better life.
This was contained in a 2024 Christmas Message to Nigerians issued in Lagos under the signature of the Director of Social Communications, Very Rev. Fr. Anthony Godonu.
According to the Archbishop there is an urgent need for a better enabling environment to allow businesses thrive in a bid to reduce the high rate of unemployment and the grinding poverty in the land.
He urged leaders to prioritise the welfare of citizens over personal needs in addressing the widespread hunger, poverty, joblessness, and insecurity ravaging the nation.
ALSO READ: Tinubu Sends Hearty Christmas Greetings To Christians Worldwide
In his words, “Even in the face of policies that are deemed to have positive results in the long-term, such as the removal of fuel subsidies, floating of the naira and the new tax reforms initiative, governments must ensure that the immediate welfare of people is not neglected but factored into the planning and execution of such policies. This is necessary, if the people for whom the policies are being made are not to die before the positive results begin to manifest.
“At the same time, government spending must be prudent and compassionate. In addition, it is necessary to pay more attention to the agricultural sector so that food security can be ensured for overall benefit.”
The Prelate described as very sad and depressing the recent loss of several lives of innocent Nigerians in Ibadan, Abuja, and Anambra in their quest to access food palliatives owing to pervading hunger across the country.
He considered it worrisome that many Nigerians now find it difficult to purchase necessities of life, especially during this festive season that should be a period of merriment, sharing of love, food, and other essentials, which are the hallmarks of the Christmas season.
To forestall a reoccurrence of such ugly incidents, the prelate urged governments, at both federal and state levels, as well as the legislative assemblies, to identify and quickly fix the loopholes in the polity that are responsible for the massive poverty and hardship which Nigerians are facing.
He advocated the appraisal of the nation’s existing laws and enactment and enforcement of only proactive policies that would open the business environment, attract investors, and create more jobs so that the citizens can afford their basic needs; rather than depend on palliatives that offer only temporary relief.
The prelate urged substantial investments in the agricultural sector of the economy to ensure the availability of basic foodstuffs; thereby reducing the high cost of essential food items like rice, beans, onions and grains.
“If citizens have food in their homes, people will not endanger their lives while scrambling for palliatives in the way it happened,” he noted with sadness.
While praying for the souls of those who died in the recent stampedes in parts of the country, he also commiserated with those who lost their loved ones, praying that Jesus, the Prince of Peace would bring solace to the afflicted, comfort to the grieving, and hope to the despairing.
“This special season reminds us of the profound love of God, who sent His only Son to redeem humanity. May the light of Christ illuminate our lives, dispel darkness, and fill our hearts with love, compassion, and kindness. As we gather with family and friends, let us not forget those who are less fortunate, the vulnerable and the marginalised. May our celebration be a catalyst for acts of charity, generosity, and solidarity,” he stated.