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House of Representatives propose three per cent hike to meet demand for student loan

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The House of Representatives ad hoc committee on Students Loan Fund and Access to Higher Education on Tuesday said it was proposing an increase of three per cent, up from the initial one per cent for students loan from revenue generated in the country annually as recently announced by the Federal Government.

The Chairman of the committee, Terseer Ugboh, made the revelation at a public hearing in Abuja to determine the level of progress made by the presidential committee constituted to remove all impediments hindering access to the loan fund.

The chairman, while addressing the Federal Ministry of Education and the Implementation Committee pledged the readiness of lawmakers to assist in the smooth take-off of the scheme.

“We hope the system you are creating will be robust enough to take account of students who are already in school who want the loan to cover for the one year or two years of their schooling or students who are coming through direct entry.

“It seems to us from this perspective that one per cent 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 there is a need to increase the requirement from one per cent to three per cent. 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 jerk up to at least three per cent of this revenue.

“Now we are hearing that the states or local governments may or may not permit that deduction, so, I think there may be a Constitutional amendment before that one per cent may be drawn. So if that is not done, the Federal Government can only draw from its own share of revenue which means state universities may be excluded if the State Governments do not agree to participate in funding this student loan from their allocation from the Federal Government.

“The issue of transparency is very key to a scheme like this. One of the reasons why (sic) many previous schemes failed was the issue of transparency and commitment to executing these schemes. You want to create a system that is technologically enabled so that issue of godfatherism will be out.

“The National Assembly is the arm of government that does appropriation and you mentioned that with the current Act as it is. You suggested that there could be a supplementary budget so that this scheme can start up.

“But we can’t propose a supplementary budget if we don’t have an idea of what you think this student loans scheme will cost Nigeria,” he stated.

The Director of Legal Services of the Central Bank of Nigeria, Kofo Alada, who spoke on behalf of the Technical Committee said a supplementary budget was necessary for the take-off of the scheme, even as he assured that his team had set a target earlier than November this year.

He said: “We are technical people working and the kind of process flow that we are looking at is something that Nigeria will be proud of.

“What I will request or recommend to this Committee is that of the funding requirement of this project, this body has the power to convene and say we want to give a supplementary budget for this particular project. It is within your power and it is better to plan for this.

“With what has been done by you, and the 9th National Assembly, what we should do is that let’s look at how we can work together. That’s why we are presenting this amendment to you. I am requesting the committee that rather than giving us stillbirth, 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 this year.

“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 state universities, the academic calendar has been moved back.

“So what we are saying now is, it might not be a 100 per cent 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.

“Once the technical committee finishes and comes to the main committee, then we will revert to the National Assembly with the clean bill. I know we can start this loan in the 2023/2024 academic session,” he said.

Education

Fuel price hike: We’ll occupy major Nigeria cities September 15, NANS declares

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The National Association of Nigerian Students (NANS) has threatened to occupy major cities across the country on September 15, if the recent increase in fuel prices is not reversed.

The Senate President of the student body, Henry Okuomo, disclosed this on Friday during an appearance on Channels Television’s Sunrise Daily.

This is coming after a factional Senate President of the association, Babatunde Akinteye, denied that the group was organising a protest against the increase in petrol price.

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Education

Edo suspends school resumption until further notice due to the hike in fuel price

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Edo State governor, Godwin Obaseki
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Edo State governor, Godwin Obaseki, has announced an indefinite postponement of the resumption of all schools in the state due to the recent increase in fuel prices.

This was disclosed in a memo issued by the Permanent Secretary of the Ministry of Education, Ojo Akin-Longe, on Saturday, September 7.

“The Edo State Government hereby announces that the resumption of all public and private schools in Edo State, initially scheduled for Monday, September 9, 2024, has been postponed until further notice

This decision has been made in response to the rising tension and challenges resulting from the recent fuel price increase,” the memo reads.

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NYSC DG Pledges Higher Allowance for Corps Members Under New Minimum Wage

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The NYSC Director-General assures corps members of an increased allowance following the implementation of the new minimum wage, highlighting the government’s commitment to their welfare

The serving corps members have received a guarantee that their monthly allowance will experience an increase once civil servants commence obtaining the newly approved minimum wage from the federal government.

Addressing corps members at Kebbi State Orientation Camp in Dakingari and Sokoto State Orientation Camp in Wamakko, the Director General of NYSC, Brigadier General Yusha’u Ahmed provided assurance.

He stated that their contributions to the socio-economic development of the country, which were both selfless and immense, should not be undervalued.

General Ahmed urged them to take advantage of their service year and focus on personal development while also planning for future success.

The director general offered additional counsel to the corps members, urging them to accept and participate in the NYSC skill acquisition and entrepreneurship development programme. These vocational courses will equip individuals with practical abilities that can result in their independence.

A new minimum wage of ₦70, 000 for civil servants in Nigeria has been agreed upon by the Nigerian Labour Congress (NLC) and federal government.

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