observerPetiteThe Nigerian Education Bank Bill which has passed second reading at the Federal House of Representatives, as explained by the initiator, Hon. Femi Gbajabiamila proposes to establish the Nigerian Education Bank, with the primary duty of granting interest-free loans to poor students seeking higher education in Nigeria. 
The Bill seeks to make available to each benefiting student, a sum of five hundred thousand Naira (N500,000) repayable in two years after graduation. The repayment, according to the proponents would take the form of direct deduction of ten percent monthly deductions at source from salaries of beneficiaries or from the profits in the case of self employed graduates until the loan is liquidated. According to the provisions of the Bill, “applicants must have secured admission into any Nigerian Universities, Polytechnics, Colleges of education or any vocational school established by the Federal Government or the Government of the States of the Federation.” More...