The bill is about a bank, the loans only happen because there is a bank, so I call it Education Bank Bill.
The object of the bank is to fund higher education tuition, which is always a good idea. So I commend this bill...however.
N1b to capitalize a bank that will fund higher education is a non-starter.
However, the bank will get funding from many sources, including 1% of FIRS & 1% of oil and mineral profits.
1. 1% of Net Crude Oil & Gas: N4.84b
2. 1% of solid Minerals: N80m
3. 1% of FIRS: N43b
Total: Less than N50b
1. Why a bank? Why not just a Fund managed by the Ministry of Finance or SWF?
This bank will have overheads, including allowances for the Board of about 12, including Head office & staff.
The core functions performed by the Education Bank (Inflow, invest, outflow) can be performed by a Fund.
No bank should concern itself with tracking grades and employment, rather let the credit bureaus do that.
Total Budget: N1.08t
Total Capital: N239b
Total Salaries: N706b
Total Overheads: N52
I want the education bank to give loans, not pay salaries.
1% of N100 is more than 1% of N10, but why 1% ? Is the largest economy in Africa saying she can't allocate more to fund higher education?
Brazil did 100% of its oil royalties to education.
Private endowments. Alumni, companies or individuals should be able to donate to the fund and earmark disbursements to a school in return for transferable tax credits.
3. I tend to stay on the financial, but some provisions in this bill are too "funny" to ignore
The Bill transfers the sins of the parent to the children. Kids can't get a loan if a parent defaults on ANY loan? How does this pass legal or even moral muster?
I understand the intent of this provision is to create consequences for the premeditated loss of principal, but you don't jail former students who don't repay; instead, you blacklist their credit, so they can't get any loan.
By introducing guarantors, the bill introduces collateral via other means.
How many students can a lawyer or civil servant guarantee? What if I want to study medicine and score a good grade but have no one to guarantee me?
This is implicit discrimination.
My suggestions strengthen this bill by boosting funding and reducing costs and any implicit unintended bias.
let's call this a good start; this bill passed b4 this administration. Now Make it better
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