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House of Representatives propose three per cent hike to meet demand for student loan

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The House of Representatives ad hoc committee on Students Loan Fund and Access to Higher Education on Tuesday said it was proposing an increase of three per cent, up from the initial one per cent for students loan from revenue generated in the country annually as recently announced by the Federal Government.

The Chairman of the committee, Terseer Ugboh, made the revelation at a public hearing in Abuja to determine the level of progress made by the presidential committee constituted to remove all impediments hindering access to the loan fund.

The chairman, while addressing the Federal Ministry of Education and the Implementation Committee pledged the readiness of lawmakers to assist in the smooth take-off of the scheme.

“We hope the system you are creating will be robust enough to take account of students who are already in school who want the loan to cover for the one year or two years of their schooling or students who are coming through direct entry.

“It seems to us from this perspective that one per cent of the Federal Government Revenue as stated in the act would not be enough to cover students loans for a year given the hundreds of thousands of students that we have getting admission every year and those who are currently in school who may wish to also apply for a loan to cover for other years of their schooling.

“I want to suggest that there is a need to increase the requirement from one per cent to three per cent. Then propose that and we are ever willing to look at it. It is something that is quite critical.

“This is the area that the Ministry of Education can also hold on for it to jerk up to at least three per cent of this revenue.

“Now we are hearing that the states or local governments may or may not permit that deduction, so, I think there may be a Constitutional amendment before that one per cent may be drawn. So if that is not done, the Federal Government can only draw from its own share of revenue which means state universities may be excluded if the State Governments do not agree to participate in funding this student loan from their allocation from the Federal Government.

“The issue of transparency is very key to a scheme like this. One of the reasons why (sic) many previous schemes failed was the issue of transparency and commitment to executing these schemes. You want to create a system that is technologically enabled so that issue of godfatherism will be out.

“The National Assembly is the arm of government that does appropriation and you mentioned that with the current Act as it is. You suggested that there could be a supplementary budget so that this scheme can start up.

“But we can’t propose a supplementary budget if we don’t have an idea of what you think this student loans scheme will cost Nigeria,” he stated.

The Director of Legal Services of the Central Bank of Nigeria, Kofo Alada, who spoke on behalf of the Technical Committee said a supplementary budget was necessary for the take-off of the scheme, even as he assured that his team had set a target earlier than November this year.

He said: “We are technical people working and the kind of process flow that we are looking at is something that Nigeria will be proud of.

“What I will request or recommend to this Committee is that of the funding requirement of this project, this body has the power to convene and say we want to give a supplementary budget for this particular project. It is within your power and it is better to plan for this.

“With what has been done by you, and the 9th National Assembly, what we should do is that let’s look at how we can work together. That’s why we are presenting this amendment to you. I am requesting the committee that rather than giving us stillbirth, be the vehicle that will give the lift for implementation.”

Also speaking, the Permanent Secretary, Federal Ministry of Education, David Adejoh assured that the scheme would kick-off in the 2023/2024 academic session which may begin in October or December this year.

“The assurances I give to you are based on what I see. First is that no academic session in Nigeria is starting before September. Remember, because of the strike,  apart from private and some state universities, the academic calendar has been moved back.

“So what we are saying now is, it might not be a 100 per cent catchment but the loan is going to start in the 2023/2024 academic session. It can be October, it can be November depending on the school. Between October and November, we still stand a good chance.

“Once the technical committee finishes and comes to the main committee, then we will revert to the National Assembly with the clean bill. I know we can start this loan in the 2023/2024 academic session,” he said.

Education

BENUE FEMALE COPER BUILT A ROUNDABOUT WITH HER ALLOWEE.

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Ukershio Favour , a young NYSC member from Hyiarev, Gwer West LGA, Benue State, serving in Plateau State, has demonstrated remarkable selflessness and community spirit.

Without any external empowerment or political motives, she used her own allowance to construct a roundabout, addressing a long-standing road safety issue that had claimed multiple accidents in shandam local government of Plateau state.

Moreover, she awarded scholarships to two orphans and taught liquid soap-making skills to local women, all on her own initiative.

Her exemplary actions make her a worthy role model, inspiring others to make a positive impact in their communities.

Congratulations dear daughter of Ayatutu.
More fruitful years ahead.
♥️♥️♥️????.

 

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Education

For candidates in Nigeria who have applied to various institutions for the 2024/25 academic year but have not yet received admission, the process to apply for a student loan through the Nigerian Education Loan Fund (NELFUND) is as follows:

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1) Visit the NELFUND Website: Go to the official NELFUND website.

2) Application Process: Click on the “Apply Now” button.
A) If you are a new applicant, you will need to create a profile by registering on the platform.
B) If you are an existing applicant, you can log in with your credentials.

3) Fill Out the Application: Complete the application form with all the required details.
A) You will need to provide personal information, educational background, and the details of the institution you have applied to.
B) Even if you have not received admission yet, you should be able to proceed with the application as long as you have proof of application to an accredited institution.

4) Submit Necessary Documents: Attach all relevant supporting documents to your application.

A) This may include proof of application to the institutions, identification documents, and any other required paperwork.

5) Review and Submit: Double-check all the information and submit your application within the specified time frame.

6) Wait for Notification: After submitting your application, wait for a notification from NELFUND regarding the status of your loan application.

Please note that specific details and requirements can change, so it’s important to refer to the official NELFUND website or contact their support for the most current information. The key is to ensure that all information and documents provided are accurate and submitted within the application window.

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Education

I already have three degrees, but I have decided to go back to school for my fourth degree – Billionaire daughter, DJ Cuppy announces.

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Billionaire daughter, DJ Cuppy, revealed that she is going back to school to get her fourth degree.

While discussing her plans with her followers, DJ Cuppy acknowledged feeling anxious about the potential challenges of academic rigor that await her in the pursuit of this new endeavor.

However, she drew strength from past experiences, reminiscing about the fears she had overcome when pursuing her previous degrees.

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