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How To Apply For FG’s Student Loan

Published

2 years ago

June 12, 2023

Editor

On Monday, June 12, 2023, the President, Bola Tinubu, signed into law the Student Loan Bill. The bill, which will enable Nigerian students to have access to interest-free loans, was introduced by the outgoing speaker of the House of Representatives, Femi Gbajabiamila.

The PUNCH reported that the piece of legislation passed second reading at the lower house on May 23, 2023.

With the establishment of an education bank, tertiary institutions owned by the Federal Government may now be at liberty to introduce tuition fees, experts in the higher education sector have argued.

Already, some universities owned by the Federal Government have started announcing an increase in tuition fees. For instance, The PUNCH in December 2022 exclusively reported how some Federal Government-owned universities announced a 200 per cent hike in fees. It is believed that the introduction of the education bank will help address the funding gap in tertiary institutions.

According to the bill, which was sighted by our correspondent on Monday, students applying for loans under this Act must apply to the Chairman of the Bank through their respective institutions upon satisfying of the following conditions:

i. Student must have secured admission into any public Nigerian University, Polytechnic, college of education or any TVET school; Applicant income or family income must be less than N500,000 per annum; Applicant must provide at least two civil servants as guarantors: of not less than level 12 years in service; or a Lawyer with at least 10 years post-call experience; a Judicial officer; or a Justice of Peace.

ii. Students who have defaulted on previous loans; found guilty of exam malpractice, felony, or drug offences will not be considered.

iii. Students with parents who have defaulted in respect of previous loans will not be considered.

Following the satisfaction of the conditions listed above, applications for the loans will be submitted through the Students Affairs Office of each institution via a list of all qualified applicants from the institution accompanied by a cover letter signed by the Vice-Chancellor or Rector or the head of the institution and the Student Affairs.

On the repayment, the act states that “Any beneficiary of the loan to which this Act refers shall commence repayment two years after completion of the National Youth Service Corps programme. Repayment shall be by direct deduction of 10 per cent of the beneficiary’s salary at source by the employer.

“Where the beneficiary is self-employed, he shall remit 10 per cent of his total profit monthly to the student loan account to be prescribed by the bank.

“For the purpose of sub-section 3 above, a self-employed person shall, within 60 days of assuming that status, submit all information such as the name of business, address and location, registration documents, registered, name of bankers, names of partners, name of directors and shareholders to the Commission.

“Anyone in default of the provisions of sub-section 4 above or found to be aiding the default of any of the provisions of this Act is guilty of an offence and, if convicted, shall be liable to imprisonment for two years or a fine of N500,000 or both.”

News

JUST IN: Tinubu Directs INEC Chairman Yakubu To Immediately Proceed On Leave

Published

6 hours ago

September 26, 2025

Editor

President Bola Ahmed Tinubu has reportedly directed the Chairman of the Independent National Electoral Commission (INEC), Prof. Mahmood Yakubu, to proceed on leave ahead of the expiration of his tenure.

Insider sources say the move comes in response to what they described as Mahmood’s “last-minute betrayal” of the All Progressives Congress government that appointed him.

Imo State Governor Hope Uzodimma reportedly met with President Tinubu shortly after the president returned from a 12-day working vacation, alleging that Mahmood’s efforts to register new political parties at the end of his tenure had disrupted Tinubu’s preparations for a second term.

The governor also claimed that Mahmood was covertly backing a candidate in the Imo State governorship election.

Following this briefing, Tinubu reportedly requested that Mahmood suspend all official duties and proceed on terminal leave.

The decision has thrown the commission’s schedule into disarray, leading to the abrupt cancellation of Mahmood’s final quarterly consultative meeting with political parties, as well as a planned session with civil society organisations.

Tinubu is now expected to submit the name of a new INEC Chairman to the National Assembly in the coming days.

Mahmood was appointed to office by then-President Muhammadu Buhari on October 21, 2015, succeeding acting chairperson, Amina Zakari.

News

400 Golfers Storm Abuja For Nigeria @ 65 Tourney

Published

7 hours ago

September 25, 2025

Editor

More than 400 golfers are set to compete in the Nigeria @ 65 Independence Golf Tournament at the Tukur Yusuf Buratai International Golf Resort and Country Club, Abuja.

The week-long tournament, organised to mark Nigeria’s 65th independence anniversary, will also honour retired and serving officers of the Nigerian Army.

The Chairman, Local Organising Committee, Dr James Agbonhese, told the News Agency of Nigeria on Thursday that the tournament aims to promote unity, camaraderie and national pride.

“This is more than a sporting competition. It is a reflection of our national values; unity, perseverance, discipline and excellence,” Agbonhese said.

He said the event would also feature the commissioning of new facilities at the resort, including a midway hut, a modern golf practice range, a back nine starter shed and a golf cart bay.

Agbonhese commended the Chief of Army Staff, Lt.-Gen. Olufemi Oluyede, Grand Patron of the tournament, for his unwavering support.

The Vice Chairman of TYB Golf Club, Dr Ali Peters, who represented the Club Captain, Maj.-Gen. Samson Jiya, said the event was a symbolic tribute to the military’s role in safeguarding national unity.

“As we celebrate, we must reflect on the legacy of our founding fathers and the sacrifices that brought us this far,” Peters said.

He added that the new facilities would greatly improve the golfing experience for members and visitors.

Jummai Adamu, a member of the LOC, said more than 100 female golfers, including three professionals, would participate in this year’s tournament, reflecting golf’s growing popularity among women in Nigeria.

Tournament Manager, Mr Shola Adebayo, said the event would feature daily games, networking sessions and cultural showcases.

“It’s set to deliver not just top-level golf but an unforgettable experience for everyone involved,” he said.

News

Fire On Board Forces Lagos-Atlanta-bound Aircraft Diversion To Ghana

Published

7 hours ago

September 25, 2025

Editor

A Delta Airlines flight en route from Lagos, Nigeria, to Atlanta, United States, was forced to make an emergency diversion to Accra, Ghana, following a fire incident in the aircraft’s oven.

According to the spokesperson for the Nigeria Civil Aviation Authority, Michael Achimugu, on Thursday, the incident occurred on Tuesday, 23 September, affecting Flight DL055, which had departed from Murtala Muhammed International Airport in Lagos.

He said airline officials confirmed that while the fire was swiftly contained and posed no threat to passengers, the delay caused the crew to exceed their expected duty time, making them unable to continue the journey as scheduled.

Following the unscheduled landing in Accra, the airline initiated rebooking arrangements for stranded passengers. Some were accommodated on a Delta Accra-New York service the same evening, with further passengers rebooked on the following night’s flight.

He said, “However, some passengers were rebooked on the airline’s Accra-New York flight the same evening, and this effort was repeated on Wednesday night for additional passengers.

“Flight DL055 LOS – ATL finally departed from Accra today, 25 September 2025, at approximately 1200 hrs.”

In a related development, Delta Airlines also cancelled its inbound flight ATL-LOS (Atlanta to Lagos) for Thursday, 25 September.
Though passengers were said to have been informed in advance, “The airline provided hotel accommodations and ground transport for those who still reported to the airport.”

To mitigate the disruption, the airline rebooked 23 affected passengers on Air France, while others were scheduled to travel via British Airways, KLM, and Lufthansa.

The remaining passengers will be airlifted on Delta’s regularly scheduled flight tomorrow, 26 September, at 11:40 a.m.

He added, “Regarding today’s 25 September 2025 ATL – LOS arrival cancellation, although passengers were duly informed about the cancellation, the airline accommodated those who arrived at the airport by providing transportation to hotels as reported in the flight disruption this morning.

“Twenty-three passengers had been rebooked on Air France, while others would be airlifted on British Airways, KLM, and Lufthansa Airlines. The remaining passengers are scheduled to depart on the airline’s scheduled flight tomorrow, 26 September 2025, at 1140 hrs.”

Contrary to earlier reports, the Air France flight from Lagos has not been cancelled and is expected to operate at 01:30 a.m.

“Air France flight has not been cancelled as speculated, but would operate at 0130 hrs. Kindly note that I am attending meetings in Montreal, but I have had to constantly leave the hall to make calls and get feedback.

“Follow-up continues. While wishing you safe travels, do not hesitate to reach out to me if there is a further need to,” Achimugu added.