During a visit to the Nigeria Institute of Legislative and Democratic Studies (NILDS) in Abuja, Senate President Godswill Akpabio disclosed that over 30,000 Nigerian students are set to receive support through the student Loan initiative initiated by President Bola Tinubu. The announcement was made in a statement he released in Abuja. The Student Loan Bill was commended as a landmark piece of Legislation, and it was stated to be one of the most important achievements of the Tenth Assembly in the nation.
Akpabio expressed his support for the bill as it allows underprivileged children to access higher Education without financial barriers. He emphasised that this was the aspect of the legislation that resonated most with him as Senate President. President Bola Tinubu’s Student Loan Bill, which was passed to them, is one of the key legislations and a significant move for the Assembly. It aims to improve the country’s Literacy level and provide more opportunities for Nigerian students.
Maintaining the old-new anthem may have deterred social issues.
At the moment, more than 30,000 Nigerian beneficiaries have been chosen to benefit from the program. Akpabio further expressed his strong approval of this bill because of its significant impact. He also suggested that if Nigeria had kept its original national anthem, Nigeria, “We Hail Thee”, it could have potentially reduced the occurrence of Banditry in the country. Also, the bill to reinstate the original national anthem from 1978 was approved by both the House and the Senate.
In May, President Tinubu approved the bill to officially reinstate the country’s former anthem as the new anthem. Akpabio expressed that the message conveyed in the old-new anthem may have been able to deter social issues like banditry and Insecurity if Nigeria had not done away with it in 1978. Another significant bill passed by the National Assembly is the restoration of the anthem. In 1959, a panel consisting of Nigerians was established to gather input from global sources, a fact that many individuals remain unaware of.
Recipient will start repayments two years after NYSC program.
Akpabio emphasised the importance of understanding the historical context of Nigeria’s colonial anthem, “Nigeria, we hail thee”, when discussing its potential impact on societal issues. He speculated that the country could have retained the sense of brotherhood and unity. It instills may have prevented conflicts leading to violence against fellow citizens. Also, the Student Loan Act of 2024 will ensure that every Nigerian student has the opportunity to pursue Higher Education without being hindered by financial constraints.
Nigerian Education Loan Fund (NELFUND) is funded through a variety of sources, including taxes, levies, and duties collected by government agencies like the Nigerian Immigration Service, Federal Inland Revenue Service (FIRS) and Nigerian Customs Service. These funds make up 1% of their total revenues. In addition, (NELFUND) also receives contributions from profits made by exploiting natural resources, education bonds, endowment fund schemes, and donations from individuals and organisations. Funding is provided for tuition, fees, and living expenses, with repayments beginning two years after the recipient finishes the NYSC program.
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Lastly, the Student Loan Bill can potentially influence Nigeria’s education system for years to come. This can create a skilled labor force, ultimately fueling Economic Development and creativity in the nation. Prioritising equal access to education aligns with larger social fairness and diversity objectives. Increased access to higher education for students from various socio-economic backgrounds will lead to decreased social inequalities and a rise in social mobility within the country. This signifies a progressive strategy in addressing educational inequities, paving the way for Nigeria to confront future obstacles and prospects effectively.
