✍️💼 Nigerian Presido 🇳🇬 Bola Tinubu Don Sign Students Loan Bill
Di bill go giv opportunity to underprivileged citizens—who plenty well well for Naija population— to access government loans for quality education 🎓📚. Recently elected Presido of Nigeria 🇳🇬 Bola Tinubu no waste time at all to make big changes during im government afta e start bin dey cause controversy. E don fulfill one of im campaign promise as e sign di Students Loan Bill into law earlier dis week ✅📜.
Di bill go giv opportunity to underprivileged citizens—who plenty well well for Naija population— to access government loans for quality education 🎓📚. Di loans go apply to universities, polytechnics, colleges of education, and vocational schools wey federal and state governments establish, except private universities. People wey dey eligible must come from households wey dey earn less than N500,000 ($1,000) per year 💰💸.
Tinubu signs student loan bill into law pic.twitter.com/FXgneIXvSL
— Politics Nigeria (@PoliticsNGR) June 12, 2023
Dele Alake, one of di aides to Presido Tinubu, announce di signing on Monday for di Presidential Villa for Abuja. Alake talk say dis achievement na big tin, e say, “Dis don fulfill di promise wey im Excellency Bola Ahmed Tinubu give during di presidential campaign to put student loans for front. Today, we don see di fulfillment of dat promise. E don sign di bill into law, wey go allow underprivileged students to access federal government loans to fund dia education, like oda developed countries for di world” 🎙️🏛️.
Di Students Loan Bill na brainchild of Speaker Femi Gbajabiamila of di 9th House of Representatives. According to di Act, di loan go strictly use pay tuition fees. Di interest-free loan go dey disbursed based on di number of years wey di student don spend for school and di person capacity to repay. Students wey collect loan go begin to repay am two years afta dem complete di National Youth Service Corps (NYSC). Di law also talk say make di education loan fund, students, and dia employers work together to do automatic deductions from dia salary through di Pay As You Earn (PAYE) system. Any student wey no fit secure employment within two years afta NYSC fit face two years imprisonment for defaulting on di loan. In addition, di law say employers must deduct 10% of employee salary, no matter di duration wey dem dey repay di loan ⏳💼.
Di students loan bill for Nigeria don raise some concerns among citizens based on di high unemployment rate of 40%. Many people dey worry if dem go fit find work within di required time to start loan repayment. Accessing di loan also require two guarantors from specific professional backgrounds, wey fit restrict deserving students wey no meet dis criteria. 🤔📉
Andrew Adejo, di Permanent Secretary for Ministry of Education, express im satisfaction with di bill. E say e go help reduce di financial constraints wey dey hinder underprivileged students from pursuing education. E emphasize say di signing of di bill show di commitment of Tinubu administration to improve di quality and quantity of education during dia tenure 🏫🌟.
NOW IN ENGLISH
✍️💼 Nigerian President Bola Tinubu Signs Students Loan Bill
The bill will give an opportunity to underprivileged citizens—who constitute a significant portion of Nigeria’s population—to access government loans for quality education 🎓📚. Recently elected President of Nigeria 🇳🇬 Bola Tinubu wasted no time at all in making significant changes during his administration after it initially caused controversy. He has fulfilled one of his campaign promises by signing the Students Loan Bill into law earlier this week ✅📜.
The bill will give an opportunity to underprivileged citizens—who constitute a significant portion of Nigeria’s population—to access government loans for quality education 🎓📚. The loans will apply to universities, polytechnics, colleges of education, and vocational schools established by federal and state governments, except for private universities. Eligible individuals must come from households earning less than N500,000 ($1,000) per year 💰💸.
Dele Alake, one of the aides to President Tinubu, announced the signing on Monday at the Presidential Villa in Abuja. Alake stated that this achievement is significant, saying, “This fulfills the promise that His Excellency Bola Ahmed Tinubu made during the presidential campaign to prioritize student loans. Today, we have seen the fulfillment of that promise. He has signed the bill into law, which will allow underprivileged students to access federal government loans to fund their education, aligning with practices in other developed countries around the world” 🎙️🏛️.
The Students Loan Bill is the brainchild of Speaker Femi Gbajabiamila of the 9th House of Representatives. According to the Act, the loan will be strictly used for paying tuition fees. The interest-free loan will be disbursed based on the number of years the student has spent in school and their repayment capacity. Students who take out the loan will begin repaying it two years after completing the National Youth Service Corps (NYSC). The law also states that the education loan fund, students, and their employers must collaborate to facilitate automatic deductions from their salary through the Pay As You Earn (PAYE) system. Any student who fails to secure employment within two years after NYSC may face two years imprisonment for defaulting on the loan. Additionally, the law specifies that employers must deduct 10% of an employee’s salary, regardless of the duration of loan repayment ⏳💼.
The students’ loan bill in Nigeria has raised some concerns among citizens due to the high unemployment rate of 40%. Many people are worried about their ability to find work within the required time to initiate loan repayments. Accessing the loan also requires two guarantors from specific professional backgrounds, which may restrict deserving students who do not meet these criteria. 🤔📉
Andrew Adejo, the Permanent Secretary in the Ministry of Education, expressed his satisfaction with the bill. He said that it will help alleviate the financial constraints hindering underprivileged students from pursuing education. He emphasized that the signing of the bill shows the commitment of the Tinubu administration to improve the quality and quantity of education during their tenure 🏫🌟.
