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Student Loan: FG Finalises Repayment Plans Ahead Feb 21 Launch

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Ahead of the official launch of the Student Loan Scheme on February 21, 2024, the Nigeria Education Loan Fund said it is finalising repayment modalities.

Although it confirmed that the 10 per cent direct deduction from the beneficiaries’ salaries still stands, applicants can pay higher percentages or 100 per cent upfront if they choose.

However, persons confirmed to be dead, terminally ill, and incapable of earning a living through work will be granted waivers, a source close to the board’s activities told The PUNCH.

“First and foremost, the modality for loan recovery will be done by the employers, which is what we are putting in place at the moment. The loan is N500,000 per year. So, in four years of schooling, that adds up to N2m. And it is interest-free, which means you are not paying more.

“You will pay the baseline 10 per cent. But if you so wish, you can ask your employer to increase your recuperation rate.

“If you don’t want to be encumbered by any debt, you can give a standing order that you want your employer to take away 15 or 20 per cent of your salary every month, or you can choose to clear it up all at once. If you do your business and you can make enough money, you can clear it up,” the source disclosed.

Asked if the rates would be prorated according to the remuneration package of beneficiaries, the source replied, “Everyone will pay a flat rate.”

On Wednesday, February 7, the Executive Secretary of NELFund, Dr Akintunde Sawyerr, confirmed to our correspondent that the much-awaited scheme would go live on February 21, when President Bola Tinubu launches it at the State House, Abuja.

“Yes, it is confirmed. It is confirmed. It will be launched on February 21,” Sawyerr confirmed to our correspondent exclusively.

On June 12, 2023, President Tinubu signed the Access to Higher Education Act, 2023 into law to enable indigent students to access interest-free loans for their educational pursuits in any Nigerian tertiary institution.

The move was in “fulfillment of one of his campaign promises to liberalise funding of education,” a member of the then Presidential Strategy Team, Dele Alake, said.

The Act, popularly known as the Students Loan Law, also established the Nigerian Education Loan Fund, which is expected to handle all loan requests, grants, disbursement, and recovery.


The source further explained that beneficiaries will get a two-year “grace period” after completing the one-year National Youth Service.

“The moment they (beneficiaries) finish NYSC, they have two years of grace, almost like a moratorium, after which they will commence repayment.

“So, the idea is we are hoping a lot of them will get jobs. And those who don’t get jobs will run their businesses. That is why, in the beginning, when you apply for a loan, you must submit your National Identity Number and Bank Verification Number.

“If you are in private business, you will tell the loan board how you want to repay, either in the 10 per cent model or any other percentage you want,” the source added.

However, beneficiaries who cannot find employment within two years will periodically report their employment status to the board.

Speaking exclusively to our correspondent, the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, explained the delay, saying, “Don’t forget, the last time they met the President, he asked them to expand their mandate to include those who want to learn vocational skills. That could be the reason why the whole thing was delayed because they had to increase the scope.”

Meanwhile, the President of the National Association of Nigerian Students, Lucky Emonefe, has expressed concern over their (NANS) non-involvement in the implementation of the loan disbursement.

In an interview with one of our correspondents, Emonefe said, “On the student loan, we have some worries. Fine, the president has good intentions but I don’t think those given the responsibility to do it are serious.

“In the first place, when they wanted to sign these student loans, we recalled that NANS was invited by Mr President but as I speak now, they want to kick-start it but we have not been informed. We have not seen the guidelines on how students can access it.

“If they include private schools, while the students at UNIBEN pay N120,000 and those at Idahosa University pay N1m, it may lead to a situation where UNIBEN will increase their school fees. So, this is our worry.”

Student Loan: FG Finalises Repayment Plans Ahead Feb 21 Launch

Ahead of the official launch of the Student Loan Scheme on February 21, 2024, the Nigeria Education Loan Fund said it is finalising repayment modalities.

Although it confirmed that the 10 per cent direct deduction from the beneficiaries’ salaries still stands, applicants can pay higher percentages or 100 per cent upfront if they choose.

However, persons confirmed to be dead, terminally ill, and incapable of earning a living through work will be granted waivers, a source close to the board’s activities told The PUNCH.

“First and foremost, the modality for loan recovery will be done by the employers, which is what we are putting in place at the moment. The loan is N500,000 per year. So, in four years of schooling, that adds up to N2m. And it is interest-free, which means you are not paying more.

“You will pay the baseline 10 per cent. But if you so wish, you can ask your employer to increase your recuperation rate.

“If you don’t want to be encumbered by any debt, you can give a standing order that you want your employer to take away 15 or 20 per cent of your salary every month, or you can choose to clear it up all at once. If you do your business and you can make enough money, you can clear it up,” the source disclosed.

Asked if the rates would be prorated according to the remuneration package of beneficiaries, the source replied, “Everyone will pay a flat rate.”

On Wednesday, February 7, the Executive Secretary of NELFund, Dr Akintunde Sawyerr, confirmed to our correspondent that the much-awaited scheme would go live on February 21, when President Bola Tinubu launches it at the State House, Abuja.

“Yes, it is confirmed. It is confirmed. It will be launched on February 21,” Sawyerr confirmed to our correspondent exclusively.

On June 12, 2023, President Tinubu signed the Access to Higher Education Act, 2023 into law to enable indigent students to access interest-free loans for their educational pursuits in any Nigerian tertiary institution.

The move was in “fulfillment of one of his campaign promises to liberalise funding of education,” a member of the then Presidential Strategy Team, Dele Alake, said.

The Act, popularly known as the Students Loan Law, also established the Nigerian Education Loan Fund, which is expected to handle all loan requests, grants, disbursement, and recovery.

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The source further explained that beneficiaries will get a two-year “grace period” after completing the one-year National Youth Service.

“The moment they (beneficiaries) finish NYSC, they have two years of grace, almost like a moratorium, after which they will commence repayment.

“So, the idea is we are hoping a lot of them will get jobs. And those who don’t get jobs will run their businesses. That is why, in the beginning, when you apply for a loan, you must submit your National Identity Number and Bank Verification Number.

“If you are in private business, you will tell the loan board how you want to repay, either in the 10 per cent model or any other percentage you want,” the source added.

However, beneficiaries who cannot find employment within two years will periodically report their employment status to the board.

Speaking exclusively to our correspondent, the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, explained the delay, saying, “Don’t forget, the last time they met the President, he asked them to expand their mandate to include those who want to learn vocational skills. That could be the reason why the whole thing was delayed because they had to increase the scope.”

Meanwhile, the President of the National Association of Nigerian Students, Lucky Emonefe, has expressed concern over their (NANS) non-involvement in the implementation of the loan disbursement.

In an interview with one of our correspondents, Emonefe said, “On the student loan, we have some worries. Fine, the president has good intentions but I don’t think those given the responsibility to do it are serious.

“In the first place, when they wanted to sign these student loans, we recalled that NANS was invited by Mr President but as I speak now, they want to kick-start it but we have not been informed. We have not seen the guidelines on how students can access it.

“If they include private schools, while the students at UNIBEN pay N120,000 and those at Idahosa University pay N1m, it may lead to a situation where UNIBEN will increase their school fees. So, this is our worry.”

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FCT Minister Approves Promotion for 8,785 FCTA Staff

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Minister of Federal Capital Territory (FCT), Barr Nyesom Wike has approved the promotion of 8,785 Staff of the FCT Administration to new grade levels.

Mr Udo Samuel Atang, the Acting Permanent Secretary of the Federal Capital Territory Administration said a promotion examination was conducted for the staff.

This was contained in a statement made available on Thursday by the Director of Information & Communication, FCT, Muhammad Hazat Sule.

It explained that out of the 9,710 staff who sat for the examinations as stipulated by the Public Service Rules, only 8,785 were successful.

In specifics, out of the 3,924 eligible staff of the Common Services Departments only, 3,295 Staff were promoted.

Of the 933 staff of the Professional and Technical who participated in the examination, only 918 were promoted.

Also, only 1,144 staff among the 1,179 staff of Health department benefitted from the promotion.

In the education department, 3,428 staff out of the 3,674 staff were promoted.

“The Acting Permanent Secretary, therefore, urged all Staff of the Administration to reciprocate the Minister’s kind gesture by supporting the leadership of the Administration to deliver on Mr. President’s Renewed Hope Agenda, particularly the Ministerial Performance Bond for Presidential Priorities and Deliverables.”

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Police Arrest Suspected Armed Robber, Recovers Pump Action Gun, One Cut To Size Gun, A Tricycle, Announces Death Of Armed Suspect

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Delta state police command have arrested two suspected armed robbers terrorizing innocent tricycle passengers along the PTI Junction to Orerokpe and recovers a pump action gun, one cut to size gun and a tricycle and announced the death of an armed suspect who engages police in a gun duel at Okpanam town.

According to the Police Public Relations Officers to the Delta State Police Command, DSP Bright Edafe, the arrests of the hoodlums came following the reassurance by the Delta State Police Commissioner, CP Olufemi Abaniwonda to leave no room for criminality to grow and thrive in Delta State while affirming the Command’s resolve to pursue and prosecute criminals to the fullest extent of the law.

According to Edafe, following a complaints on the robbery incidents at Redeem Road, Okpanam town, and other parts of the State, the Commissioner of Police Delta State, CP Abaniwonda Olufemi issued a firm warning to DPO’s and Area commander’s in Asaba on the need to step up and nip the ugly trend in the bud.

He stated that In line with the directive, on March 4, 2024 at about 0255hrs, while working on a distress call, the DELTA HAWK Team collaborating with the Okpanam Divisional Police Headquarters, proceeded to Marble Hill Junction in response to a distress call about an ongoing armed robbery operation at Play Learn Academy School.

The officers mounted surveillance within the scene of the robbery, where they sighted an Okada rider and two occupants.

Upon sighting the team advancing towards them, they took to their heels and immediately started shooting at the police operatives_and the during the gun duel, one of the suspected armed robbers sustained gunshot injuries, while one English Pump action gun, and one cut-to-size single barrel gun with three cartridges were recovered.

The injured suspect was taken to the Hospital where he died while receiving treatment. Efforts are on top gear to recover more firearms and further arrest other fleeing suspects.

In another development, on March 1, 2024, at about 1950hrs, following information from a lady (name withheld), a female resident who reported that at about 1915hrs of same date, while she boarded a tricycle (Keke) from PTI Junction to Orerokpe Community with two other passengers including the driver, that while approaching Okudiete Community in Okpe LGA, the three boys suddenly attacked and pushed her out of the moving tricycle, making away with her phone, handbag containing money and other valuables.

The victim immediately boarded another tricycle and reported the incident to Orerokpe Police Division. Upon receipt of the report, the DPO Orerokpe CSP Paul Oboware deployed his Visibility Patrol Team on a stop and search duty at Oha-Junction.

Sequel to the tip-off, the patrol team swiftly gave the robbers a hurt chase and succeeded in arresting two of the suspects. Meanwhile, one of the hoodlums escaped through the bush, and all items robbed from the victim were recovered from the robbers including a tricycle with REG NO: ASB56QD.

Preliminary investigation revealed that the suspects are notorious robbers who specialize in robbing unsuspecting passengers of their personal belongings while in transit on a tricycle. Similarly, efforts are ongoing to arrest the other fleeing suspect and to discover other associates of the syndicate.

CP Olufemi Abaniwonda reassured the steadfastness and commitment to uphold law and order in Delta State. He further appeals to the public to be law-abiding and live within the ambit of the law, urging that anyone with information on crime can always reach out through the CONTROL ROOM numbers: 08036684974; 08125958005; 09053872287, that callers may opt to remain anonymous. He noted that while the police command has the responsibility to ensure the safety of lives and properties, the citizens in turn have the responsibility of helping the police achieve their mandate by reaching out to the police.

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Hard time: Nigerians call for adoption of parliamentary system

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Following President Bola Tinubu’s removal of fuel subsidy, Nigerians are facing economic hardships and are calling for a change from the presidential system of government to parliamentary system of government.

The Nigerian economy has been severely strained due to the removal of the fuel subsidy, resulting in increased prices of essential commodities and transportation fares.

Some political analysts who on what they feel about the development noted that the current economic downturn has underscored the inadequacies of the presidential system in addressing pressing issues facing our nation.

According to report, the House of Representatives has also introduced a bill seeking to return Nigeria to the parliamentary system of government at the federal, state and local government levels effective from 2031.

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