Tinubu Signs Student Loan Bill Into Law
President Bola Tinubu Signs Student Loan Bill into Law
President Bola Tinubu has officially signed the Student Loan Bill into law, according to a statement by his aide, Dele Alake, to State House Correspondents on Monday evening.
This newly enacted bill aims to provide Nigerian students with access to loans at interest-free rates, thereby facilitating their pursuit of higher education.
As previously reported, the Students Loan Bill proposed penalties for defaulting students, including a two-year prison term, a fine of N500,000, or both.
The legislation passed the second reading at the House of Representatives on May 25, 2023.
The bill, sponsored by Gbajabiamila, bears the title ‘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.’
With the signing of this significant legislation into law, the Nigerian government demonstrates its commitment to supporting students and facilitating their educational pursuits through accessible financing options.
