President Bola Ahmed Tinubu has signed a student loan bill that aims to provide interest-free loans to disadvantaged Nigerian students into law.
The legislation, titled 'Bill for an Act to Provide for Easy Access to Higher Education for Nigerians Through Interest-free Loans from the Nigerian Education Bank' was first introduced to the National Assembly by former Speaker, Femi Gbajabiamila in 2016.
Earlier this year, the bill was passed by the House of Representatives and subsequently forwarded to the Senate for concurrence.
With the president's signature, Nigerian students are expected to gain access to these loans.
The bill calls for the establishment of the Nigerian Education Bank, which will have the authority to supervise, coordinate, administer, and monitor student loans in Nigeria.
The bank will receive loan applications from higher education institutions on behalf of students, screen the applications to ensure compliance with the Act's requirements, and approve and disburse loans to eligible applicants.
Additionally, the bank will oversee the students' loan account/fund, ensure compliance with disbursement procedures, and monitor the academic progress and post-graduation activities of loan recipients to ensure timely repayment, among other functions.
Furthermore, the bill states that all students seeking higher education in public institutions of higher learning in Nigeria will have an equal right to access the loan without facing any discrimination based on gender, religion, tribe, position, or disability.
