Abstract
Education banking is a rarity in the whole world. However, there are organisations in the United Kingdom and the United States of America whose operations are akin to the Nigerian Education Bank in the areas of student lending.
The role of the Nigerian Education Bank in the Nigerian educational system is three-fold: The Bank is to serve as a major intermediary in Nigeria's education credit market; it is designed to harness private sector resources for the funding of education; and its takeover of part of the educational funding responsibilities will enable the Nigerian Government to rechannel its scarce resources to other pressing areas of the economy.
The main and specific functions of the Bank include, among others: student lending, lending for publishing, equipment leasing, project financing, funds mobilization and provision of advisory services for educational purposes. Some prescriptions are incorporated to fine-tune the operational modalities.
The article highlights the comparative experience of several countries in Africa, Asia, Europe and the Americas in the key area of student financing. It recommends the active participation of Nigeria's private sector in educational financing, and the strengthening of the student lending scheme through resources from petroleum, higher education tax and value-added tax.
This is a preview of subscription content, access via your institution.
References
Albrecht, D. and Ziderman, A. (1992). ‘Student loans and their alternatives: improving the performance of deferred payment programs’, Higher Education 23, 357–374.
Chuta, E.J. (1986). ‘Free education in Nigeria: socio-economic implications and emerging issues’, Comparative Education Review 30(4), 523–531.
Chuta, E.J. (1992). ‘Student loans in Nigeria’, Higher Education 23, 443–449. Netherlands, Kluwer Academic Publishers.
Coombs, P.H. and Hallak, J. (1987). Cost Analysis in Education, EDI Series in Economic Development, Oxford University Press/World Bank.
Evbuomwan, G.O. et al. (1993). ‘Review of policy and development objectives in agricultural and agro-based industrial financing’, Bullion, Central Bank of Nigeria 17, 41–50.
Federal Republic of Nigeria (1993). Decree 50, Nigerian Education Bank, Lagos: Official Gazette, No. 21, Vol. 30, 9th August.
Kotey, N. (1992). ‘Student loans in Ghana’, Higher Education 23, 451–459.
Ojo, M.O. (1995). ‘Monetary and banking policies in the 1995 Federal Government Budget’, Bullion, Central Bank of Nigeria 19, 16–26.
Oloyede, A. (1994). ‘Banking regulations in Nigeria: an analytical perspective’, Economic and Financial Review, Central Bank of Nigeria, 279–291.
Students Loans Company Limited. 1989–1991 Report, Glasgow.
Students Loans Marketing Association (1993). Information Statement, Washington DC, May 13.
Woodhall, M. (1990). Student Loans In Higher Education: Western Europe and USA, Paris: International Institute for Educational Planning.
Woodhall, M. (1991a). Student Loans in Higher Education: 2 Asia, Paris: IIEP.
Woodhall, M. (1991b). Student Loans in Higher Education: 3 English-speaking Africa, Paris: IIEP.
Woodhall, M. (1992). ‘Student loans in developing countries: feasibility, experience and prospects for reform’, Higher Education 23, 347–356.
Author information
Authors and Affiliations
Rights and permissions
About this article
Cite this article
Chuta, E. New dimensions in educational financing: the Nigerian Education Bank. Higher Education 35, 423–433 (1998). https://doi.org/10.1023/A:1002928108437
Issue Date:
DOI: https://doi.org/10.1023/A:1002928108437