Reviving student loans in Nigeria

The Nigerian Students Loans Board was established in 1972 and by 1991 it had given out student loans valued at N46 million (3.8 million US dollars). In 1992, the Board had outstanding loans of 40 million Naira (3.34 million US dollars).

This huge outstanding may have led to the creation of the Nigeria Education Bank, following Decree 50 of 1993, which was to take over the functions of the Loans Board.

Why was this Bank dead on arrival? What has become of the recent attempt to resuscitate the Nigeria Education Bank by the National Assembly? What happened to the ruling of Justice Mohammed Idris in May 2014 asking the federal government to implement the Nigeria Education Bank Act of 1993 and fund the body appropriately so that it can appropriately assist indigent Nigerian students? 

Ikenna Obi & KELECHI EWUZIE