The House of Representatives Ad-hoc Committee On Student Loans and Access To Higher Education and the National Universities Commission (NUC), the Central Bank of Nigeria (CBN), students’ representatives and other stakeholders are currently in an emergency meeting over the student loan scheme.
NEWS VERIFIED reports that the student loan scheme is an initiative of the federal government which was signed into law months ago by President Bola Ahmed Tinubu.
The incumbent administration had signed the loan bill into law to provide soft loans for students at tertiary institutions to undergo their studies.
In his opening address at the meeting being held in Abuja today, the committee chairman, Terser Ugbor, said they convened the Legislative Summit on Students Loans to gather more information from stakeholders in the education sector and other relevant bodies on the best approach and strategy to implement the Students Loans Scheme in Nigeria.
He added that the committee would present its report to the House for legislative action on the proposed amendments to the Students Loans Act.
“For emphasis, students loan is an important aspect of modern education financing around the world. It creates access to education for students who would otherwise be unable to afford higher education or unable to study professional courses needed for our scientific development, industrialization, technological advancement and economic growth.
“For students loans schemes to be successful, they must be easy to access, easy to repay and supported by flexible exit plans so as not to overburden our young citizens and stifle their development after graduation,” Ugbor said.