Nigeria’s President Bola Tinubu has signed the Student Loan Bill into law, enabling Nigerian students to access loans at interest-free rates. The bill was one of his campaign promises and aims to provide easy access to higher education for Nigerians.
An aide to the president, Dele Alake, disclosed this to State House Correspondents on Monday evening.
He said the president was delighted to fulfill his pledge to the Nigerian youth and hoped that the bill would boost the quality of education in the country.
The bill will establish the Nigerian Education Bank, which will provide interest-free loans to students who meet the eligibility criteria.
The loans will cover tuition fees, accommodation, books, and other expenses related to education.
The bill also stipulates penalties for defaulters and those who aid them.
Newsflash Nigeria reports that the bill recommended two years imprisonment or N500,000 or both for students who fail to repay their loans or anyone found aiding defaulters.
The bill was sponsored by Femi Gbajabiamila, the speaker of the House of Representatives, and passed second reading on May 25, 2023.
It was then transmitted to the Senate for concurrence and passed by both chambers before being sent to the president for assent.
The Student Loan Bill is one of the landmark achievements of Tinubu’s administration since he assumed office on May 29, 2023.
Tinubu, a former governor of Lagos State and senator for Lagos West, is a veteran politician and leader of the ruling All Progressives Congress (APC).
He won the presidential election in February 2023 with 55% of the votes, defeating his main rival Atiku Abubakar of the People’s Democratic Party (PDP) and a youth-backed third-party candidate Peter Obi of the Labour Party (LP).
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