Tinubu signs Students’ Loan Bill into aw
In fulfilment of a promise he made during his campaign, President Bola Tinubu on Monday signed into law the Student Loan Bill.
This was announced on Monday by the spokesperson to the Federal Government, Dele Alake, saying that the funds will be domiciled in the Ministry of Education and will only be accessed by indigent students of tertiary institutions.
The bill, sponsored by the Speaker of the 9th House of Representatives Femi Gbajabiamila, passed the third reading at the House, two weeks ago.
The law is to provide easy access to higher education for indigent Nigerians through interest-free loans from the Nigerian Education Loan Fund.
The legislation provides for the establishment of the Nigerian education bank, which will have the power to administer, supervise, coordinate, and monitor the management of student loans in the country. Based on the provisions of the legislation, the bank is expected to receive applications for student loans through higher institutions on behalf of the applicants and screen them
