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How to apply for FG’s student loan

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President Bola Tinubu, on Monday, June 12, 2023, signed into law the Student Loan Bill. The bill, which will enable Nigerian students to have access to interest-free loans, was introduced by the outgoing speaker of the House of Representatives, Femi Gbajabiamila.

The legislation passed second reading at the lower house on May 23, 2023.

With the establishment of an education bank, tertiary institutions owned by the Federal Government may now be at liberty to introduce tuition fees, experts in the higher education sector have argued.

Already, some universities owned by the Federal Government have started announcing an increase in tuition fees.
For instance, a report by The PUNCH in December 2022 stated how some Federal Government-owned universities announced a 200 per cent hike in fees. It is believed that the introduction of the education bank will help address the funding gap in tertiary institutions.

According to the bill, students applying for loans under this Act must apply to the Chairman of the Bank through their respective institutions upon satisfying of the following conditions:

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i. Student must have secured admission into any public Nigerian University, Polytechnic, college of education or any TVET school; Applicant income or family income must be less than N500,000 per annum; Applicant must provide at least two civil servants as guarantors: of not less than level 12 years in service; or a Lawyer with at least 10 years post-call experience; a Judicial officer; or a Justice of Peace.

ii. Students who have defaulted on previous loans; found guilty of exam malpractice, felony, or drug offences will not be considered.

iii. Students with parents who have defaulted in respect of previous loans will not be considered.

Following the satisfaction of the conditions listed above, applications for the loans will be submitted through the Students Affairs Office of each institution via a list of all qualified applicants from the institution accompanied by a cover letter signed by the Vice-Chancellor or Rector or the head of the institution and the Student Affairs.

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On the repayment, the act states that “Any beneficiary of the loan to which this Act refers shall commence repayment two years after completion of the National Youth Service Corps programme. Repayment shall be by direct deduction of 10 per cent of the beneficiary’s salary at source by the employer.

“Where the beneficiary is self-employed, he shall remit 10 per cent of his total profit monthly to the student loan account to be prescribed by the bank.

“For the purpose of sub-section 3 above, a self-employed person shall, within 60 days of assuming that status, submit all information such as the name of business, address and location, registration documents, registered, name of bankers, names of partners, name of directors and shareholders to the Commission.

“Anyone in default of the provisions of sub-section 4 above or found to be aiding the default of any of the provisions of this Act is guilty of an offence and, if convicted, shall be liable to imprisonment for two years or a fine of N500,000 or both.”

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Ekiti LG chairman swears in advisers, supervisors with cutlass

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Olu Adamolekun, chairman of Ikere-Ekiti Local Government Area of Ekiti State, has sworn in his advisers and supervisors of wards in the LGA with a cutlass.

 

In a video making the rounds on social media on Tuesday, the appointees are seen taking turns wielding a cutlass (a totem believed to be for the god of iron) in one hand and either Quran or Bible in the other.

 

Ògún is a deity in African (Yoruba) traditional religion. It is often regarded as the “god of iron.”

 

The swearing-in ceremony coordinated by Adamolekun took place on May 2 at the chairman’s office’s conference hall.

While administering the oath, Adamolekun of the All Progressives Congress asked the appointees to repeat the following in Yoruba, “From today, I will be loyal and truthful to BAO (Ekiti State governor), and Monisade (deputy governor), APC and its leaders.

 

“I will take instructions from the leaders. If I refuse to do so, Ogun or the Quran should kill me. For this, I will be truthful,.”

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Speaking, the LG boss congratulated the newly sworn-in supervisors and advisers while urging them to see their appointment as a call to service.

 

He further charged them to be guided by the document of the oath of swearing-in and discharge their duties diligently and accordingly.

 

The supervisors were identified as Femi Ayeni representing Are/Aramomi/Ayetoro Ward, Olu Ogundipe (Okeruku Ward), Idowu Ojo Omowumi (Atiba/Aafin Ward), and Ajayi Mathew Oladele (Ogbonjana Ward).

 

Others are Sola Alonge of Odose Ward, Boluwaji Daramola (llapetu/ljao Ward), Toyin Owolabi (Agbado/Oyo Ward), Akojiyan Olamilekan Rasaq (Oke Osun Ward) and Filani Motunrayo (Afao/Kajola Ward) sworn in as advisers.

 

Before this video surfaced, political officeholders usually swear an oath of office using the Quran or Bible while pledging allegiance to the country’s Constitution.

 

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BREAKING: Ladoja withdraws suit against Olubadan-in-Council

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The Otun Olubadan of Ibadanland, High Chief Rasidi Ladoja, on Tuesday, finally withdrew the suit filed against members of Olubadan-in-Council.

 

High Chief Ladoja instituted a suit against the members of the Council over the beaded crown worn before the demise of the late 42nd Olubadan of Ibadanland, Oba Lekan Balogun.

 

The coast is now clear for the enthronement of the Olubadan-designate, Oba Owolabi Olakulehin, as the 43rd Olubadan of Ibadanland.

More to follow…

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State Police: Your Position unacceptable, Lagos Assembly slams IGP Egbetokun

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The Lagos State House of Assembly has kicked against the position of the Inspector-General of Police, IGP, Olukayode Egbetokun, that Nigeria is not ripe for the establishment of state police.

Speaker of the House, Mudashiru Obasa, directed the Clerk of the House, Olalekan Onafeko, to write the Inspector-General and the National Assembly stating that the state lawmakers reject Egbetokun’s position.

 

Recall that the IGP, represented at a recently held one-day dialogue on state policing, themed, ‘Pathways to Peace: Reimagining Policing in Nigeria,’ opposed the establishment of state police, arguing that it would increase ethnic tension and cause divided loyalty in states of the federation.

 

The IGP also suggested that the Federal Road Safety Corps and the Nigeria Security and Civil Defence Corps be merged with the police force.

However, speaking at plenary on Monday, Obasa, who noted that the FRSC and the NSCDC have not been able to solve the problems of accidents on roads and pipeline vandalism respectively, wondered how effective they would be if they are merged with the police force.

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“In Lagos State, we have the Security Trust Fund through which successive administrations starting from that of Asiwaju Bola Ahmed Tinubu have provided enormous support to the police command in Lagos State. Yet, crime of different dimensions has continued.

“This shows that no matter what Egbetokun has proffered as solution, such won’t solve our problem. The position of the IGP is unacceptable.

 

“We strongly believe that if we have state police, we would be able to solve the issues of crime in our nation or reduce it to the minimum.

“As we have seen in other climes, the United Kingdom has different levels of policing just like the United States of America. So why should ours be different?

 

“The lives of our people are very important and we must do everything possible to make sure we protect lives and property. We want to state categorically that we believe in state police and we want to urge the National Assembly to continue with its intendment to establish state police through the process of constitutional amendment,” Obasa said while praising President Tinubu for his resolve to end insecurity in the country.

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Commending the Speaker for his stand on the issue of state police, the lawmaker representing Badagry Constituency 1, argued that with its current structure, it would be difficult for the Nigeria Police Force to effectively secure the country.

Also declaring his support for state police, another lawmaker, Hon. Sa’ad Olumoh (Ajeromi/Ifelodun 1), said each Nigerian state currently has a local security outfit in the semblance of state police.

 

“Today, which state does not have state police one way or the other? This is a cause that should be supported. For the IG to come out and say state police is not in the interest of Nigeria shows he is not considering the reality of insecurity on Nigerians,” he said.

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