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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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BREAKING: Helicopter carrying Iran’s president ‘crashes’

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 A helicopter carrying Iranian President Ebrahim Raisi on Sunday afternoon crashed in northwestern Iran, Iranian state media reports.

 

It is unclear if Raisi and others on board with him survived the crash.

 

IRNA, the state media, reported that Hossein Amirabdollahian, foreign minister; Malek Rahmati, governor of East Azarbaijan province; and Hojjatoleslam Al Hashem, Tabriz Friday prayer leader, were also on board the helicopter.

 

Raisi was reported to be returning from a ceremony to open a dam on Iran’s border with Azerbaijan when the helicopter crash landed in the Varzaqan region.

 

The dam is the third one that the two nations built on the Aras River, and it comes amid chilly relations between the two countries.

 

IRNA added that rescue and relief teams have been dispatched to the area, and search operations continue.

 

The media outfit said the foggy weather and the impassability of the area have frustrated efforts.

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There had been heavy rain and fog, along with some wind. IRNA called the area a “forest.”.

 

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We have done better than those who stayed eight years – Fubara

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Governor Siminalayi Fubara believes his administration has recorded giant strides in infrastructure since its inception about a year ago.

 

Fubara made the remark on Saturday in Ngo Town at the inauguration of the Andoni section of the Ogoni-Andoni-Opobo Unity Road project, Andoni Local Government Area.

 

While he did not mention any past administration, Fubara said since coming on board, his government has done well in the execution of projects, promising to do more for residents of the oil-rich state.

 

To the glory of God, we made history by commissioning the Andoni section of the Ogoni-Andoni-Opobo Unity Road.

The commissioning marks the end of a 24-year journey of constructing a road that connects three local government areas hitherto separated by water and a difficult… pic.twitter.com/NdsFhqYPkn

— Siminalayi Fubara (@SimFubaraKSC) May 18, 2024

 

“Like I said the other day, we just started. We started about three or four months ago but I am very happy that if we have to assess ourselves within that three months, we have done better than people who stayed for eight years,” the governor said. “I stand to be challenged.”

READ  Tinubu to launch student loan Thursday

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Good Morning! Here Are Some Major News Headlines In The Newspapers This Beautiful Sunday: Soldiers storm Abuja market over attack on colleagues

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1. Soldiers on Saturday stormed Banex Market in Abuja over the assault on some of their colleagues. A mob had descended on at least two soldiers in the markets where electronic gadgets and mobile phones are mostly sold. Some traders closed for the day and fled home to apparently avoid being caught up in a reprisal attack.

 

2. Africa’s richest man and chairman of the Dangote Group, Aliko Dangote, says with the plan by the Dangote Refinery, Nigeria will not need to import gasoline by June, this year. Speaking at the Africa CEO Forum Annual Summit in Kigali on Friday, he said the refinery had started supplying diesel and aviation fuel in Nigeria.

 

3. The Oba of Benin, Omo N’Oba N’Edo, Uku Akpolokpolo, Ewuare II, has received two looted royal stools carted away during the invasion of Benin City in 1897, from the German government. The artefacts — bronze and wooden royal stools (Ekete), were looted during the reign of Oba Eresoyen and Oba Esigie several centuries ago.

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4. President Bola Ahmed Tinubu has appointed former Secretary to the Government of the Federation, Alhaji Yayale Ahmed, former Bauchi Governor, Alhaji Isa Yuguda, and former INEC Chairman, Prof Attahiru Jega, and others to serve in the newly released list of federal universities’ governing councils.

 

5. Rivers Governor, Siminalayi Fubara has lamented that his administration only settled down to work three months ago due to the crisis rocking the State. Fubara said despite the delay, his government had achieved better project and service delivery than the eight years of government of some other administrations.

 

6. Tragedy struck in Ode-Omu town in Ayedaade local government area of Osun State on Saturday after a private car crushed a mother and two children returning from vigil to death. It was gathered that they were crushed to death while on a motorcycle. The rider simply identified as Abraham also died.

 

7. The presidency has dismissed the planned alliance between former Vice President Atiku Abubakar and former governor of Anambra State, Peter Obi. According to the presidency, President Bola Tinubu is not bothered about the planned alliance, noting that the President was not losing sleep.

READ  FG to begin disbursement of students' loans in September

 

8. A yet-to-be-identified middle-aged man has died while watching football at a local bar along the Lagos-Abeokuta Expressway. It was gathered that the incident happened on Thursday, May 16. The deceased, who was a regular customer in the open bar, was said to have walked in, sat down, and started to watch a football match until he fell asleep.

 

9. The Nigeria Security and Civil Defence Corps Commandant General’s Special Intelligence Squad has dismantled an illegal refining site containing over 100,000 litres of stolen crude oil in Adobe settlement, Etche Local Government Area, Rivers State. The Commander of the CG’s SIS, Dandaura Apollos, said the success resulted from credible intelligence indicating that suspects had vandalised a multinational company’s wellhead.

 

10. The Adamawa State Police Command has arrested a 23-year-old stepmother, Rachel Geoffrey, for allegedly inflicting severe burns on her 7-year-old and 3-year-old stepchildren. According to the police, the stepmother intentionally set fire to the children’s hands as punishment for eating food she had saved for their father.

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