Nigerian Education Bank – The law maker Representing oguta/ ohaji Egbema/oru west of of imo state, Hon. Kingsley Uju has moved a bill for the Establishment of Nigerian Education Bank in line with the Nigerian Education Bank Act” .
Hon Kingsley moved the motion on the floor of the House on the 29/6/2022. He noted that the Education board bank was Established in 1993 to provide loans for students and was designed to replace the former student loan board.
He added that according to section 70 of the education bank Act, the bank was saddled with the responsibility of approving and disbaring loan for students to finance their education in institutions of higher education.
Recovering loan disbuised and providing short-term loans to individuals or other bodies in appropriate cases as well as aid authors by providing them with funds for the aim of financing the printing and publish for the educational books among other functions.
The law maker is highly concerned that since inception in 1993, the Education bank has not had a governing board and for over 25 years , the bank has no physical address anywhere in Nigeria neither has the Act Establishing it been repealed.
Hon Uju Kingsley is also worried that the failure to Establish the Bank has affected students as they lack credible source to the loan to finance their Education as the the Education bank has not been built anywhere in Nigeria.
The law maker urge to invite the federal ministries of finance, Education and the Governor of the central Bank of Nigeria to brief the House on the Education bank with a view to expediting efforts to Re-establish the education bank of Nigeria and also mandate the committee of banking and currency and legislative compliance to ensure compliance.