Representatives invite Ministers of Finance, Education and CBN Governor

The House of Representatives on Wednesday invited the Minister of Finance, Budget and National Planning, Dr. Zainab Ahmed; Minister of Education, Alhaji Adamu Adamu and Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele on the resuscitation of the Bank of Education in Nigeria.

The resolution was passed following the passing of a motion on the “need to establish a Nigerian Education Bank in accordance with the Nigerian Education Bank Act”, sponsored by Hon. Uju Kingsley.

During his main debate, Hon. Kingsley noted that the Education Bank was established in 1993 to provide student loans and was designed to replace the former Student Loans Board.

He expressed concern that the failure to establish the bank has affected students as they lack credible sources to take out loans to finance their studies.

“The Chamber notes that the Education Bank was established in 1993 to provide student loans and was designed to
replace the former Student Loans Commission.

“The Chamber is aware that under Section 70 of the Nigerian Education Bank Act, the Bank was in the grip of the
responsibility for approving and disbursing loans for educational purposes, granting loans to students for
finance their studies in institutions of higher education, by recovering the loans disbursed and by granting short-term loans to individuals or other organizations in appropriate cases, as well as by helping authors by providing them with funds intended to finance the printing and publication of the educational book, among other functions.

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“The Chamber is concerned that since its inception in 1993, the Education Bank has not had a board of directors and for over 25 years the bank had no physical address anywhere in Nigeria and the law which instituted it has not been repealed.

“The Chamber is concerned that the failure to establish the bank has affected the students as they lack credible sources to take
loans to fund their studies as the education bank has not been built anywhere in Nigeria,” he noted.

Following the passage of the motion, the House mandated the Joint Committees on Banking and Currency and Legislative Compliance to ensure compliance.

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