Senate to Establish Financial Aid Scheme for Students

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A bill which seeks to provide a framework for education financing through the establishment of the National Student Financial Aid Scheme has scaled the second reading at the Senate.

The bill, which was sponsored by Senator Umar Sulieman representing Kwara North Senatorial District, seeks to grant interest-free loans and bursaries to eligible students in tertiary institution . Suleiman added that the scheme would also ensure the well-structured administration of such loans and bursaries and their recovery.

This was contained in a statement signed by the Special Assistant to the Senate President, Dr Ezrel Tabiowo. The Senator recalled that the Nigeria Students Loan Board, established in 1982 to help undergraduate and graduate students finance their studies within and outside Nigeria, provided loans between 1972 and 1991 to a tune of 46 million naira. 

He stated that the scheme was suspended in 1992 after the Board failed to recover outstanding loans of over 40 million naira and added that the Students Loan Board was replaced by the Nigerian Education Bank in 1993.

After consideration, the Senate President, Ahmad Lawan, referred the bill to the Committee on Tertiary Institutions and TETFUND for further input and was given four weeks to report back to the Senate in plenary.