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NigeriaDecides2023

Reps summon finance, education ministers, CBN governor over education bank

The House of Representatives has invited Zainab Ahmed, minister of finance; Adamu Adamu, minister of education and Godwin Emefiele, Governor of the Central Bank of Nigeria to brief it on the Education Bank of Nigeria with a view to expediting efforts to re-establish the Bank.

This followed the adoption of a motion titled: “Need to Establish Nigerian Education Bank in line with the Nigerian Education Bank Act”, sponsored by
Uju Kingsley from Anambra state.

Moving the motion, Uju noted that the Education Bank was established in 1993 to provide loans for students, and was designed to replace the former Students Loans Board.

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He said the House is: “Aware that according to Section 70 of the Nigerian Education Bank Act, the Bank was saddled with the responsibility of approving and disbursing loans for educational purposes, providing loans to students to finance their education in institutions of higher education.”

According to the lawmaker, was also mandated to recover loans disbursed and provide short-term loans to individuals or other bodies in appropriate cases, as well as aid authors by providing them with funds for the purpose of financing the printing and publishing of educational book, among others.

He expressed concern that since inception in 1993, the Education bank has not had a Governing Board and for over 25 years, the bank had no physical address anywhere in Nigeria neither has the Act establishing it been repealed.

Uju also said the House is “Worried that the failure to establish the bank has affected students as they lack credible sources to take loans to finance their education as the Education bank has not been built anywhere in Nigeria.”

Adopting the motion, the House mandated the Committees on Banking and Currency, and Legislative Compliance to ensure compliance.

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