Reps Invite Ministers, CBN Gov Over Abandoned Education Bank Initiative

House of Representatives has invited the minister of finance, budget and national planning, Zainab Ahmed; the minister of education, Adamu Adamu and the governor of the Central Bank of Nigeria , Godwin Emefiele to brief it on efforts to reestablish the Education Bank in Nigeria.

The member representing Ohaji-Egbema/Oguta/Oru West federal constituency, Imo State , Uju Kingsley in a motion ‘Need to Establish Nigerian Education Bank in line with the Nigerian Education Bank Act,’ 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 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.

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and for over 25 years, the bank had no physical address anywhere in Nigeria neither has the Act establishing it been repealed.”

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