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.
Osun State Governor, Senator Ademola Adeleke on Thursday commissioned the 3.5km phase one of the Ila township road dualisation.
This was revealed in a government house statement issued in Osogbo on Thursday.
Speaking at the commission exercise, the Governor noted that the dual carriage is more than a road but a lifeline for commerce, mobility and safety for the people adding that the project alongside other township roads, market and health facility shows that this administration believes that development must get to the grassroots.
He added that his administration is opening Ila to more investments, easier movement of farm produce and better access to schools, hospitals and the palace.
“The dual carriage is more than a road. It is a lifeline for commerce, mobility and safety for the people. This project alongside other township roads, market and health facility shows that this Administration believes that development must get to the grass roots. Ila is a historic town, it is a center of learning, culture and commerce.
“With this dualised road, we are opening Ila to more investment, easier movement of farm produce and better access to schools, hospitals and the palace.
“We also know that this road connects Ila to other town, that is why we are also working on Intercity Roads to ensure Ila is not left behind in the Osun infrastructure agenda. Apart from this dual carriageway, my administration has equally completed over 7km length of intracity roads in Ila Orangun.”
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Earlier, the Commissioner for Special Duties, Dr Tokunbo Salam stated that Gov Adeleke’s era is a landmark one. An era that will be hard to forget in the history of Osun State. He added that the road was constructed within 12 months as mandated by the Governor.
“Your Excellency, You will recall that, 12 months, 2 days ago, you were here to flag off this road and you gave us a mandate at the Ministry of Works and Infrastructure that we have to finish this road within 12 months and we are here today for the commissioning of this road.
“Your Excellency, I believe people are counting because this is one of several projects and they are still counting. Your excellency, your era is a landmark era and era that will be hard to forget in the history of Osun State. What we have commissioned today never happened and in many other places never happened and history will never forget.
“What is happening is described as urban renewal and as we are renewing, this is the first phase of the road and the second phase of the road will be pronounced by His Excellency and I know that by the time he comes back for his second term, total transformation will come to Ila”, he stated.
Briefly describing the project before its commissioning, Director of Research and Planning, Ministry of Works and Infrastructure, Engr Olalekan Salami explained that the Governor gave an approval for a 10km road to be executed in three phases, 3.5km for phase 1 and 2 and 3km for phase 3.
He said, “Your Excellency, you approved that the dualisation of Ila road should be 10km in length and phased into three and you gave us a mandate that the first phase be delivered within 12 months.
“Exactly 21st of July 2025, we were here to flag off this road, and we are here today 23rd of July 2026 for the commissioning of the first phase which is 3.5km”
“It is the intention of the Governor that this road will lead to the Federal University of Health Sciences, first phase of 3.5km is completed within 12 months, another 3.5km will be completed within the next 12 months and the last one will be 3km to complete the 10km dual carriageway.”
The Commissioning was witnessed by the Orangun of Ila, Oba Abdulwahab Olukayode Oyedotun (Bibiire I), Members of the Imole Campaign Council as well as other members of the Executive Council and party Chieftains.
Former adult film actress Deyci Alejandra Omaña Ortiz, popularly known by her stage name Amaranta Hank, has made history after being sworn in as a senator in Colombia, becoming one of the country’s most talked-about political figures.
Ortiz secured the Senate seat following her victory in Colombia’s March elections on the platform of the left-wing Historic Pact coalition, where she campaigned for greater rights and legal protections for workers in the adult entertainment industry.
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According to Colombian newspaper El Tiempo, the newly inaugurated lawmaker will represent the Norte de Santander region during the 2026–2030 parliamentary term after placing 23rd on the coalition’s closed electoral list.
The Historic Pact emerged as the country’s strongest political force in the election, winning 22.72 per cent of the Senate vote—more than 4.4 million ballots—to secure 25 seats, according to Colombia’s National Registry.
Before entering politics, Ortiz worked as a journalist before transitioning into the adult film industry. She has maintained that her previous career should not define her ability to serve in public office.
Responding to critics who questioned her suitability for office, Ortiz defended her candidacy in a TikTok video, saying:
“¿Por qué una mujer que estuvo en la industria para adultos no puede aspirar a un cargo de elección popular?”
The statement translates to: “Why can’t a woman who was in the adult industry aspire to a popularly elected office?”
According to Infobae Colombia, Ortiz believes women who have worked in the sexual economy make meaningful contributions to the country’s economy and deserve legal recognition instead of continued stigma.
Born in the city of Cúcuta, the senator said her legislative agenda will also focus on mental health, sexual abuse prevention, and broader social welfare reforms.
Her political rise follows months of public debate after she and fellow former adult film performer Juan Carlos Florián were appointed to positions in President Gustavo Petro’s Ministry of Equality, a move that sparked widespread discussion in Colombia.
Ortiz’s swearing-in marks one of the most closely watched moments in Colombian politics in recent years, with supporters describing it as a victory for inclusion and equal opportunity, while critics continue to question her unconventional path to public office.
A South African court has ordered a temporary halt to impeachment proceedings against President Cyril Ramaphosa over the controversial $580,000 Phala Phala farm cash scandal, pending the outcome of his legal challenge against an earlier investigative report.
The Western Cape High Court ruled on Friday in favour of Ramaphosa, granting his request to suspend the parliamentary impeachment process while the court reviews a November 2022 independent panel report that concluded the president “may have committed” serious violations and misconduct.
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In his ruling, Judge Andre le Grange ordered that Parliament’s impeachment committee must not proceed with public hearings until the judicial review has been concluded.
“Pending the determination by this court of the applicant’s review… respondents are interdicted from proceeding with a public impeachment hearing,” the judge ruled.
The controversy dates back to a 2020 burglary at Ramaphosa’s luxury Phala Phala game farm in Limpopo Province, where thieves allegedly stole $580,000 hidden inside a sofa.
Ramaphosa has consistently denied any wrongdoing, maintaining that he reported the break-in to the police and that the money was the legitimate proceeds from the sale of 20 buffaloes.
The complaint was filed by a former South African intelligence chief and one-time ally of former President Jacob Zuma.
The complainant alleged that Ramaphosa concealed the robbery from both police and tax authorities and claimed the amount involved was as much as $4 million.
Despite mounting pressure from opposition parties demanding accountability, Ramaphosa has repeatedly ruled out resigning over the scandal.
Reacting to Friday’s ruling, the South African president reaffirmed his commitment to the country’s constitutional principles and judicial system.
“The President will continue to cooperate with and abide by processes of accountability,” a statement from his office said, adding that he remains committed to respecting the independence of the judiciary and the separation of powers.
The impeachment process had initially been rejected by South Africa’s National Assembly, where Ramaphosa’s ruling African National Congress (ANC) held a parliamentary majority, effectively blocking impeachment proceedings at the time.
Although prosecutors dropped related charges in 2024, the Constitutional Court overturned Parliament’s earlier decision in May 2026, paving the way for the establishment of a parliamentary impeachment committee.
If the impeachment proceedings eventually resume, Ramaphosa would become the first sitting South African president to face such a process.
The High Court is expected to hear his application seeking to overturn the 2022 independent panel report in September.
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