President Bola Tinubu has approved the student loan bill, marking a significant step forward in providing financial support to Nigerian students in higher education.
The bill successfully passed the third reading in the lower chamber back in May and was sponsored by Femi Gbajabiamila, the former speaker of the house of representatives.
The signing ceremony took place on Monday at the Presidential Villa in Abuja, where Tinubu affixed his signature to the bill. Dele Alake, a former Lagos commissioner of information and strategy, conveyed the news to state house correspondents.
Under the newly enacted legislation, Nigerian students enrolled in tertiary institutions will have the opportunity to access interest-free loans through the Nigerian education loan fund.
Additionally, the bill paves the way for the establishment of the Nigerian education bank, which will hold the authority to manage, oversee, and coordinate the distribution of student loans across the country.
As outlined in the legislation, the Nigerian education bank will receive loan applications on behalf of students through higher educational institutions and will be responsible for carefully evaluating and screening these applications.
This process will ensure that deserving students are provided with the necessary financial aid to pursue their educational aspirations