{"id":11808,"date":"2023-06-14T10:08:53","date_gmt":"2023-06-14T10:08:53","guid":{"rendered":"https:\/\/presspay.ng\/news\/?p=11808"},"modified":"2023-06-14T10:08:56","modified_gmt":"2023-06-14T10:08:56","slug":"student-loan-bill-an-idea-whose-time-has-come-by-abiola-metilelu-ceo-presspayng","status":"publish","type":"post","link":"https:\/\/presspay.ng\/news\/student-loan-bill-an-idea-whose-time-has-come-by-abiola-metilelu-ceo-presspayng\/","title":{"rendered":"Student Loan Bill &#8211; An Idea Whose Time Has Come by Abiola Metilelu, CEO PressPayNg"},"content":{"rendered":"\n<p>Yesterday President Bola Ahmed Tinubu (GCFR) signed \u270d\ud83c\udffb into law The Student Loan Bill, which provides for interest-free loans to indigent Nigerian students and it\u2019s been tending across all platforms. <\/p>\n\n\n\n<p>I have read several opinions and perspectives on this Act and I submit that all concerns are valid; from those who think the model is DOA to those who have applauded the initiative.\ud83e\udd26\ud83c\udffc\u2642\ufe0f\ud83d\udc4f\ud83d\udccd.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"1024\" src=\"https:\/\/presspay.ng\/news\/wp-content\/uploads\/2023\/06\/Loan-Bill.jpeg\" alt=\"\" class=\"wp-image-11809\" srcset=\"https:\/\/presspay.ng\/news\/wp-content\/uploads\/2023\/06\/Loan-Bill.jpeg 1024w, https:\/\/presspay.ng\/news\/wp-content\/uploads\/2023\/06\/Loan-Bill-300x300.jpeg 300w, https:\/\/presspay.ng\/news\/wp-content\/uploads\/2023\/06\/Loan-Bill-150x150.jpeg 150w, https:\/\/presspay.ng\/news\/wp-content\/uploads\/2023\/06\/Loan-Bill-768x768.jpeg 768w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>But, as a vanguard of student loan in Africa, having championed this conversation with the National Assembly and leading a startup that focuses on education financing solutions &#8211; here is my two cents on the Student Loan Act, 2023: <\/p>\n\n\n\n<p>\u2705 No one launches a \u201cperfect product\u201d- this initiative is not an exception. The greatest success comes from having the freedom to fail. The political will to make tertiary education accessible and affordable for the average Nigerian student by this administration is commendable, we will learn along the curve. We led this conversation, and it\u2019s fulfilling that our advocacy and appeal to the government to sign the bill didn\u2019t go to waste. Read my recent interview with Thisday Newspaper on this &#8211; <a href=\"https:\/\/lnkd.in\/dZrFhYF6?trk=public_post-text\">https:\/\/lnkd.in\/dZrFhYF6<\/a> <\/p>\n\n\n\n<p>\u2705 It\u2019s a huge win for Nigerian students and the education sector with several low hanging fruits &#8211; The Student Loan Act, 2023 will:<\/p>\n\n\n\n<p>\ud83c\udfafFoster tertiary education enrollment rate that is currently at about 15.2% per annum. <\/p>\n\n\n\n<p>\ud83c\udfafFlatten the curve of tertiary education dropout rate that is currently at about 18% per annum. <\/p>\n\n\n\n<p>\ud83c\udfafReduce capital flight on foreign education from Nigeria that stood at about $220m in 2022. The UK alone generated over \u00a342 billion from international students in 2021\/2022. <\/p>\n\n\n\n<p>\ud83c\udfafCreate an enabling environment for private sector driven models on alternative education financing.<\/p>\n\n\n\n<p>\ud83c\udfafBecome a very potent instrument for human capital development by \u201cIncentivizing\u201d education in Nigeria. <\/p>\n\n\n\n<p>But, we must ensure that those who need the loan gain access to it. We must lock the safety settings of this initiative against racketeering. <\/p>\n\n\n\n<p>At PressPayNg &#8211; we saw the future and we are already \u201cfunding the future\u201d. In the words of <a href=\"https:\/\/ng.linkedin.com\/in\/yemi-faseun-057b9736?trk=public_post-text\">Yemi Faseun<\/a> &#8211; \u201cthose waiting for the future to happen are already living in the past\u201d <\/p>\n\n\n\n<p>Checkout the The PressPayNg App \ud83d\udcf2- It offers much more than student loans. It\u2019s an ecosystem that empowers the education ambition of Nigerian (and African) youths. <\/p>\n\n\n\n<p>We have <a href=\"https:\/\/ng.linkedin.com\/company\/fcmb-group?trk=public_post-text\">FCMB Group <\/a>and our various vertical-specific partners to thank for jumping on this with us when we launched PressPayNg App in 2021. <a href=\"https:\/\/ng.linkedin.com\/in\/adesoji-owobamirin-5a3ab217?trk=public_post-text\">Adesoji Owobamirin<\/a> and <a href=\"https:\/\/ng.linkedin.com\/in\/shamsideen-fashola-fca?trk=public_post-text\">Shamsideen Fashola FCA<\/a>, thank you Sirs for leading the line. \ud83e\udee1\ud83e\udef6\ud83c\udffb <\/p>\n\n\n\n<p>To the wonderful team @ <a href=\"https:\/\/ng.linkedin.com\/company\/presspayng?trk=public_post-text\">PressPayNg<\/a>, the reward for hard work is more work. This move by the government is a call to action.\ud83d\udcaa\ud83c\udffd\ud83c\udfc3\ud83c\udffd\u2642\ufe0f<\/p>\n\n\n\n<p><a href=\"https:\/\/www.linkedin.com\/signup\/cold-join?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fstudentloan&amp;trk=public_post-text\">#StudentLoan<\/a> <a href=\"https:\/\/www.linkedin.com\/signup\/cold-join?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fstudentloanbill&amp;trk=public_post-text\">#StudentLoanBill<\/a> <a href=\"https:\/\/www.linkedin.com\/signup\/cold-join?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Feducation&amp;trk=public_post-text\">#Education<\/a> <a href=\"https:\/\/www.linkedin.com\/signup\/cold-join?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Feducationfinance&amp;trk=public_post-text\">#EducationFinance<\/a> <a href=\"https:\/\/www.linkedin.com\/signup\/cold-join?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Falternativefinancing&amp;trk=public_post-text\">#AlternativeFinancing<\/a> <a href=\"https:\/\/www.linkedin.com\/signup\/cold-join?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fpresspayng&amp;trk=public_post-text\">#PressPayNg<\/a> <a href=\"https:\/\/www.linkedin.com\/signup\/cold-join?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Ffundingthefuture&amp;trk=public_post-text\">#FundingTheFuture<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Yesterday President Bola Ahmed Tinubu (GCFR) signed \u270d\ud83c\udffb into law The Student Loan Bill, which provides for interest-free loans to<\/p>\n","protected":false},"author":1,"featured_media":806,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_container_layout":"default_layout","colormag_page_sidebar_layout":"default_layout","footnotes":""},"categories":[49],"tags":[],"class_list":["post-11808","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-education"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Student Loan Bill - An Idea Whose Time Has Come by Abiola Metilelu, CEO PressPayNg - PressPayNg Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/presspay.ng\/news\/student-loan-bill-an-idea-whose-time-has-come-by-abiola-metilelu-ceo-presspayng\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Student Loan Bill - An Idea Whose Time Has Come by Abiola Metilelu, CEO PressPayNg - PressPayNg Blog\" \/>\n<meta property=\"og:description\" content=\"Yesterday President Bola Ahmed Tinubu (GCFR) signed \u270d\ud83c\udffb into law The Student Loan Bill, which provides for interest-free loans to\" \/>\n<meta property=\"og:url\" content=\"https:\/\/presspay.ng\/news\/student-loan-bill-an-idea-whose-time-has-come-by-abiola-metilelu-ceo-presspayng\/\" \/>\n<meta property=\"og:site_name\" content=\"PressPayNg Blog\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-14T10:08:53+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-14T10:08:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/presspay.ng\/news\/wp-content\/uploads\/2022\/02\/WhatsApp-Image-2022-02-22-at-12.50.59-PM.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1080\" \/>\n\t<meta property=\"og:image:height\" content=\"718\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"press_admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"press_admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/presspay.ng\\\/news\\\/student-loan-bill-an-idea-whose-time-has-come-by-abiola-metilelu-ceo-presspayng\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/presspay.ng\\\/news\\\/student-loan-bill-an-idea-whose-time-has-come-by-abiola-metilelu-ceo-presspayng\\\/\"},\"author\":{\"name\":\"press_admin\",\"@id\":\"https:\\\/\\\/presspay.ng\\\/news\\\/#\\\/schema\\\/person\\\/d190f9f0919168cffa93a7e976d3057e\"},\"headline\":\"Student Loan Bill &#8211; 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