President Tinubu Signs into Law Student Loan Bill to Activate Free Loans to Nigerian Students

Tinubu Signs into Law Student Loan Bill zero interest loan for students
President Bola Tinubu signing Students Loan Bill
President of the Federal Republic of Nigeria, Bola Ahmed Tinubu (GCFR) a few minutes ago, has signed into law, the student loan bill, which provides for interest-free loans to indigent Nigerian students.

The student loan bill will allow Nigerian students to secure loans from financial institutions whenever they are in need of money to pursue their academic purpose. The loan will be interest free and the students will only pay back to the financial institutions after their graduation.

The 'Students Loan (Access to Higher Education) Bill, 2019, a.k.a a Bill for an Act to provide for easy access to higher education for Nigerians through interest-free loans from the Nigerian Education Fund established in this Act sponsored by Rt Hon Femi Gbajabiamila in 2019.

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.

Category: World-News
Tag: Tinubu Signs into Law Student Loan Bill zero interest loan for students
Written by Omooba Alekuwodo (omoobaalekuwodo)
Published 6/12/2023 8:14:54 PM



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