President Bola Tinubu has signed the Student Loan Bill into law.
An aide to the president, Dele Alake, disclosed this to State House Correspondents on Monday evening.
The bill will enable Nigerian students to access loans at interest-free rates.
The Students Loan Bill recommended two years imprisonment or N500,000 or both for students who default in repayment or anyone found aiding defaulters.
The piece of legislation passed second reading at the House of Representatives on May 25, 2023.
The bill, which was sponsored by Gbajabiamila, was titled ‘A Bill for an Act to provide for easy access to higher education for Nigerians through an interest-free loan from the Nigerian Education Bank established in this Act to provide education for Nigerians and other purposes connected thereto.’
The bill seeks to make access to higher education for Nigerians through interest-free loans from the Nigerian Education Fund established in this Act with a view to providing education for all Nigerians and for other purposes connected thereto.
The Bill (now law) seeks the establishment of the Nigerian Education Fund, domiciled with the Central Bank of Nigeria (CBN) from which qualified applicants can access education loans through the commercial banks in the country.
The Act provides that notwithstanding anything to the contrary contained in other enactments, all students seeking higher education in any public institution of higher learning in Nigeria shall have an equal right to access the loan under this Act without any discrimination arising from gender, religion, tribe, position or disability of any kind.
The loan referred to in this Act shall be granted to students only for the payment of Tuition fees. The grant of the loan to any student under this Act shall be subject to the students/applicant(s) satisfying the requirements and conditions set out under this Act.”
In keeping to his campaign promise, interest and quest in ensuring access to higher education, President Bola Ahmed Tinubu signed the legislation that will guarantee access to quality higher education by qualified Nigerians.