The National Assembly has passed the Education Bank Bill which would allow students in public tertiary institutions access to interest-free loans for their educational advancement.

The speaker of the House of Representatives, Mr. Femi Gbajabiamila who sponsored the bill said it aimed at providing education for all Nigerians and for other purposes connected to it. It is to be sent to the president for assent.

The bill makes provision for the establishment of the Nigerian Education Bank which shall have powers to supervise, coordinate, administer and monitor the management of student loans in Nigeria and receive applications for students loan through higher institutions in Nigeria on behalf of the applicants. It will also screen the applications to ensure that all requirements for the grant of such loans under the Act were satisfied.

The bank will be empowered to approve and disburse the loan to qualified applicants; control, monitor and coordinate the students’ loan account/fund and ensure compliance in respect of disbursement; monitor academic records of grantees of the loan to obtain information on their year of graduation, national service, employment to ensure that grantees of the loan commence repayment of the loan as at when due, among other functions.