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| President Bola Ahmed Tinubu |
Tinubu Signs The Student Loan Bill
President Bola Tinubu signs the Student Loan Act into law.
An aide to the president, Dele Alake, told a State House correspondent late Monday.
The bill will allow Nigerian students to get interest-free loans. .
Mr Dele Alake, Spokesperson for the President, made the announcement at the end of a signing ceremony at the President’s Mansion in Abuja on Monday.
Alek said the bill would raise the aspirations of young people across the country to get an education, adding that to enjoy the facilities, students needed to show proof that they were poor.
He said a committee consisting of all relevant education stakeholders would be formed to regulate an effective credit distribution process.
Alake said a percentage of the federation’s revenue will be used to fund the new initiative.
Mr Andrew Adejo stated the bill would stop underfunding, which hindered the poor's education.
He said the signing of the bill showed how the Tinubu government intends to address issues of quality and quantity of education during its tenure.
He added that the state’s handling of loan collection in various projects would also help in loan collection.
He added that interest-free loans are granted based on the number of years of study of students and their ability to repay.
Sekda said the media should help to disseminate information about the problem of financing education in the country.
H said the state should direct the federal government’s financial and technical support to provide good education to Nigerians.
Delinquent students will face a two-year penalty or a N500,000 fine.
The law passed a second reading in the DPR on 25 May 2023.
Gbajabiamila's bill is to give Nigerians access to higher education through interest-free loans.
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