The Federal Government, has revealed that the Students Loan Act signed by President Bola Tinubu will cover both students in private and public schools, adding that the government will create a new bank for it.
The Permanent Secretary, Ministry of Education, Andrew David Adejo, made this revelation this while speaking to newsmen in Abuja on Wednesday.
Adejo added that the government will create a new bank for it.
He said, “We are not going to use existing banks. We are going to create a new bank that will address this because we can’t use an existing bank.
“We don’t want to make it that only people who want to go to public schools will benefit from, private schools are paying tuition so you have to give them the opportunity
The loan is for you to get an education programme and get employed then you start paying back. The loan recovery does not start until you get employed.”
While commending President Tinubu as a job creator, he said, “Our current president today is a job creator from his experience from the private sector and he has given us policy direction and job creation is one of the things he is going to do, even though you cannot create a job for everybody.”
According to him, as of June 12, only three people have seen the Act, which is the president, the current Chief of Staff and himself.
“What you have seen is the bill. The president has assented to the bill, let us wait to see the Act and you get the Act when it is transmitted to the Ministry of Justice to produce a gazette,” he said.
Adejo informed that the ministry had begun putting all necessary measures in place to ensure students loan begin between September and October 2023.