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Education Bank: Reps invite Ministers of Finance, Education, CBN Governor

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

The resolution was passed sequel to the adoption of a motion on the ‘Need to Establish Nigerian Education Bank in line with the Nigerian Education Bank Act,’ sponsored by Hon Uju Kingsley.

On his lead debate, Hon Kingsley noted that the Education Bank was established in 1993 to provide loans for students, and was designed to replace the former Students Loans Board.

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

“The House notes that the Education Bank was established in 1993 to provide loans for students, and was designed to
replace the former Students Loans Board.

“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, recovering loans disbursed 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 purpose of financing the printing and publishing of the educational book, among other functions.

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“The House is concerned 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and for over 25 years, the bank had no physical address anywhere in Nigeria neither has the Act establishing it been repealed.

“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,” he noted.

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

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