The Chairman of the Ad-hoc Committee on Students Loan Fund and Access to Higher Education, Tersee Ugboh has stated that, the Committee has proposed an amendment to increase funding of the loans from the initial 1% to 3% of the total federal government’s annually generated revenue as contained in the Act signed by the President.
He made the remark at a stakeholders meeting held by the Committee with technical committee set up by the federal government on the implementation of the Students Loan scheme Act on Tuesday.
He said, “It seems to us from this perspective that 1% 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 if there is the need to increase the requirement of 1% to 3%. 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 be jerk up to at least 3% of this revenue”.
He said, they are ready to provide genuine intervention for the speedy take-off of the scheme.
On their parts, the CBN Director Legal Services, CBN, Kofo Alada who spoke for the Technical Committee and the Permanent Secretary, federal Ministry of Education, David Adejoh gave their assurance that, the scheme will take up as scheduled even on a pilot platform.
Speaking, Alada said his team has set a target earlier than November adding that, as technical people, they are working to ensure a process flow that Nigeria will be proud of.
He said, “What I will requesting or recommending to this Committee is that of the funding requirement of this project, this body (parliament) has the power to convene and say we want to give supplementary budget for this particular project, it is within your power and for any body, it is better to plan so it is better for us to plan.
“That’s why we are presenting this amendment to you. I am requesting the committee that rather than giving us still birth, 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.
He said, “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 states universities, academic calendar has been moved back.
“So what we are saying now is, it might not be a 100% 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”.
