The House of Representatives Ad-hoc committee on Students Loan Fund and Access to Higher Education in Nigeria is proposing an increase of 3% for students loan recently announced by president Bola Ahmed Tinubu against initial 1%.

President Bola Ahmed Tinubu signed into law the Access to Higher Education Act, 2023, in June to provide loans to Nigerian students.

The Act provided 1% of all profits accruing to the federal government from oil and other minerals; 1% of taxes, levies and duties accruing to the federal government from the Federal Inland Revenue Service (FIRS), Nigeria Immigration Service (NIS) and Nigerian Customs Service (NCS); education bonds and education endowment fund schemes.

During a public hearing to ascertain the level of progress made so far by a presidential committee put together to remove all legal encumbrances hindering access to the loan by Nigerian students

The Act provided 1% of all profits accruing to the federal government from oil and other minerals; 1% of taxes, levies and duties accruing to the federal government from the Federal Inland Revenue Service (FIRS), Nigeria Immigration Service (NIS) and Nigerian Customs Service (NCS); education bonds and education endowment fund schemes.

The Education Loan will also be funded through donations, gifts, grants, endowment and revenue accruing to the fund from any other source.

Speaking on Tuesday against the backdrop of the inadequacy of the allocation amid increasing demand for the scheme, the Chairman of the Ad-Hoc committee Hon. Terseer Ugboh said there’s need for upward review of the percentage the president wants to tap the fund from.

He said:“We hope the system you are creating will be robust enough to take account of students who are already in school who want the loan to cover for the one year or two years of their schooling or students who are coming through direct entry.

“It seems to us from this perspective that 1% of the Federal Government Revenue as stated in the act would not be enough to cover students loans for a year given the Hundreds of thousands of students that we have getting admission every year and those who are currently in school who may wish to also apply for a loan to cover for other years of their schooling.

“I want to suggest that if there is the need to increase the requirement of 1% to 3%. Then propose that and we are ever willing to look at it.It is something that is quite critical. This is the area that the Ministry of education can also hold on for it to be jerk up to at least 3% of this revenue,” he said

He added that: “Now we are hearing that the states or local governments may or may not permit that deduction so I think there may be a Constitutional amendment before that 1% may be drawn.

He feared that if that is not done, the Federal Government can only draw from its own share of revenue which means state universities may be excluded from the scheme if the State Governments do not agree to participate in funding this student loan from their allocation from the Federal Government.

He also stressed the issue of transparency, he said, “The issue of transparency is very key to a scheme like this. One of the reasons why many previous schemes (students loan) failed was the issue of transparency and commitment to executing these schemes.

“You want to create a system that is technologically enabled so that issue of godfatherism will be out.”

Hon. Ugbor also reminded officials from the Federal Ministry of Education and the team from the Implementation Committee that, “The National Assembly is the arm of government that does appropriation and you mentioned that with the current act as it is, you suggested that there could be a supplementary budget so that this scheme can start up.

He said:”But we can’t propose a supplementary budget if we don’t have an idea of what you think this student loans scheme will cost Nigeria,” he stated.

The Director of Legal Services of the Central Bank of Nigeria (CBN), Kofo Alada, who spoke for the Technical Committee explained that, they are the technical people and they are working very hard, and the kind of process flow that they are looking at is something that Nigeria will be proud of.

He said:”What I will request or recommend to this Committee is that of the funding requirement of this project, this body (parliament) has the power to convene and say we want to give a supplementary budget for this particular project, it is within your power and for anybody, it is better to plan so it is better for us to plan.

“Within what has been done by you, and the 9th National Assembly what we should do is that let’s look at how we can work.That’s why we are presenting this amendment to you. I am requesting the committee that rather than giving us stillbirth, be the vehicle that will give the lift for implementation.”

The Permanent Secretary, Federal Ministry of Education, David Adejoh explained to the committee that, “No academic session in Nigeria is starting before September. Remember because of the strike apart from private and some state universities, the academic calendar has been moved back.

He assured the committee that, his assurance might not be a 100% catchment but the loan is going to start in the 2023/2024 Academic Session, it can be October, it can be November depending on the school, but between October and November, it will certainly stand a good chance.

Mohammed Shosanya

The Lagos State Traffic Management Authority,LASTMA, and the Nigerian Army,Tuesday agreed to strengthen partnership on traffic management in Lagos.

The agreement came to the fore during a working visit paid to the LASTMA headquarters in Oshodi, Lagos by a team of top military officers from the 9 Brigade.

General Manager of LASTMA,Mr Bolaji Oreagba disclosed this in a statement signed by Adebayo Taofiq, Director, Public Affairs and Enlightenment Department of LASTMA.

The officials of the 9 Brigade Command of the Nigerian Army were led by Bridgadier General Adegoke Moses Adetuyi.

Mr. Oreagba said that it was a great honour receiving the team.

On the unfortunate incident that led to the face-off between a LASTMA officer and a soldier,Oreagba maintained that there was no love lost between the two sister agencies and that LASTMA would continue to rely on support from the Nigerian Army and other security agencies in the state.

According to Mr. Oreagba: “We won’t abuse the relationship nor take the cordiality and warm friendliness which has existed between the Army and Lastma for granted”

He maintained that such occurrence would not repeat itself as existing channel of communication would be maintained and additional new hotlines be explored by both to always resolve issues.

Earlier, Brigadier General Adegoke, said that bad elements prosper when there is division among security agencies, so there is the need for more cordial collaboration and maximum cooperation between all government agencies including Lastma.

Commending Lastma Officials for the wonderful work they are doing, Bridgadier Adetuyi promised that the Nigerian Army particularly the 9 Brigade Command, would continue to render support where necessary to activities of Lastma on the roads and ensure safety of traffic managers in the discharge of their statutory duties.

Mohammed Shosanya

The federal government has filed a fresh 20-count charge against the suspended Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, at the High Court of the Federal Capital Territory.

He is already facing a 2-count charge bordering on “illegal possession of firearms” at the Federal High Court sitting in Lagos.

The embattled former CBN governor was remanded at the Ikoyi Correctional Centre on July 25, pending the fulfilment of his bail bobd in the sum of N20million and other conditions.

But,shortly after granting him bail, the Department of State Services (DSS) rearrested the bank chief at the court premises after a scuffle with officials of the Correctional Service.

The Director of Public Prosecutions (DPP) at the Federal Ministry of Justice, Mohammed Abubakar hinted that a fresh 20-count criminal charge has been preferred against Emefiele at an FCT High, following result of further investigations.

Emefiele,in one of the counts was alleged to have “confered unlawful advantages” while in office.

Lagos State Governor, Babajide Sanwo-Olu, has appointed six Special Advisers (non-Cabinet) to serve in various capacities across ministries.

The Secretary to the state government, ‘Bimbola Salu-Hundeyin,who disclosed this in a statement on Monday, listed the newly appointed Special Advisers as Dr. (Mrs) Iyabo Oyeyemi Ayoola – Special Adviser, Central Internal Audit; Olalekan Hafeez Balogun – Special Adviser, Economic Planning and Budget; Akinyemi Ajigbotafę – Special Adviser, Community Development.

Others, according to the statement are Rev. Bukola Adebiyi – Special Adviser, Christian Religion; Dr. Abdullahi Jębę – Special Adviser, Muslim Religion; and Ismail Odesanya – Special Adviser, DAWN Commission and S/W Integration.

Salu-Hundeyin, who noted that the appointments take immediate effect, extended her congratulations to the appointees and encouraged them to align their contributions with Governor Sanwo-Olu’s vision for a Greater Lagos.

Mohammed Shosanya

The Central Bank of Nigeria (CBN) has commenced moves to wield the big stick on speculators in the country with a view to arresting the current exchange rates.

Acting Governor of the Central Bank of Nigeria, Folashodun Shonubi gave this indications on Monday,after his meeting with President Bola Ahmed Tinubu at the Presidential Villa Abuja.

Shonubi said the President was angry at the activities of speculators which was fueling an ever increasing margin between the dollar to naira.

Briefing State House Correspondents of his discussion with the President, the CBN boss said:”Mr. President is very very concerned about some of the goings on in the foreign exchange market. One of the things we discussed were, what could be done to stabilize and what could be done to improve the liquidity in the market and also the goings on in the various other markets including the parallel market.

“He is concerned about its impact on the average person, since, unfortunately a lot of activities that we do which are purely local are still referenced to the exchange rates in the parallel markets.

“We have discussed and shared him what we’re doing to improve supply. If you look at the official market, you will find that that market has been fairly stable and the spreads of the difference are not fluctuated as much.

“We do not believe that the changes going on in the parrell market are driven by pure economic demand and supply but are topped by speculative demand from people.

“Some of the plans and strategies which I’m not at liberty to share with you, means sooner rather than later, the speculators should be careful, because we believe the things we’re doing when they come to fruition may result in significant losses to them.

“But my presence here is more about the concerns the President has, and he’s needs to know that we are doing something about it, assurances of which I have given him totally.

“So I hope this helps. We are looking at it and we’re doing things which will significantly impact the market in a few days time. And we will all see it. The intention is to ensure the environment operates at a level that’s more efficient, but also that is also very reasonable and does not have a negative impact to the best that we can on the lives of the average person”.