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The Federal Government has formed an inter-ministerial committee to refine the recently signed Student Loan bill, with the aim of ensuring loan disbursement starts in September 2023 for the 2023/2024 academic session.

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The Permanent Secretary of the Federal Ministry of Education, Andrew Adejo, stated that higher institutions cannot introduce tuition fees due to the introduction of the loan scheme, and that the committee consists of representatives from various organizations, including the Academic Staff Union of Universities and the Nigerian Bar Association.

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 According to Adejo, the loan is intended to aid indigent students in completing their education programmes, and repayment only begins after employment. The funding sources for the loan include education bonds, education endowment fund schemes, and one percent of all taxes, levels, and duties accruing to the government of the federation. 

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The Vice-Chancellor of Bamidele Olumilua University of Education, Science and Technology, Ikere Ekiti, Prof Olufemi Adeoluwa, praised the new Student Loan Act, stating that it will provide relief to students, particularly those who are indigent.